Followin' the price of Doge has shown a downward trend in the past 24 hours. The price of DOGE reached a high of $0.424 during the day, but has now fallen to a low of $0.3668.
Whale activity fuels speculation of price increase
The large-scale transfer of DOGE by whales has attracted the attention of market participants. According to Whale Alert data, about 61 million DOGE, worth $23.5 million, were transferred from an unknown wallet to the Robinhood platform.
Subsequently, another transfer of about 85.4 million DOGE, worth $32.9 million, was made. These significant transactions may signal important developments in the Doge price.
Crypto analyst Ari Martinez said, "Doge is just entering a bullish cycle."
Martinez pointed out that in the current bull market, DOGE has the potential to rise to $3, with a long-term target price of $18. He noted that the regression channel on the weekly chart indicates the upside potential of DOGE.
Technical analysis brings hope for a bullish outlook
Another crypto analyst, Tardigrade, said that DOGE has broken out of a symmetrical triangle pattern, signaling a bullish trend. He mentioned that a pullback to the $0.44 level could provide a buying opportunity for investors.
Tardigrade also added that the price of Doge could rise to $0.65, which means investors have a 50% profit potential. The whale movements and technical analysis results in the Doge market have prompted investors to closely monitor the future price trend. Significant transfers often signal potential changes in market trends, while technical indicators support the upside potential.
