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Dogecoin price is primed for massive breakout as whale activity doubles overnight

  • Dogecoin price is up 7% overnight as the meme coin prepares for a rally. 
  • Proponents note whale activity has doubled as transactions exceeding $100,000 increased by 111%. 
  • Analysts predict a breakout in Dogecoin, set a target at $0.16. 

Dogecoin price could continue its uptrend as on-chain activity on the network witnesses a massive spike. Analysts predict a rally in Dogecoin as whale transactions climb. 

Dogecoin price on track for a breakout

Dogecoin price has posted nearly 15% gains over the past week. The meme coin is on track for a price rally. Based on data from IntoTheBlock, large wallet investors have become more active over the past 24 hours. There is a 111% increase in transactions exceeding $100,000. 

A spike in large volume transactions is frequently associated with whale activity. Accumulation by large wallet investors is bullish for the meme coin. Whales hold over $40 million in Dogecoin as of March 26, 2022. 

Proponents have observed an accumulation phase in every market cycle, where whales scoop up the meme coin at a discount. 

Analysts have evaluated the Dogecoin price trend and identified $0.13 as the pivot, and the first major resistance for the meme coin at $0.14. A broader breakout in Dogecoin price could send it to $0.16, according to FXStreet analysts. 

A major resistance level coincides with the target at $0.16, and a failure to move past the pivot would fuel a bearish narrative among investors. 

FXStreet analysts believe, from an Ichimoku perspective, Dogecoin price trend doesn’t look very weak. Analysts have predicted another push upwards in Dogecoin, as that would confirm a bull market. 

Analysts noted that the meme coin started its downtrend in May 2021, and Dogecoin investors have waited over 321 days in the bear market. Seasonal cycles of the meme coin point to a bullish breakout and continuation in Dogecoin. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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