Dogecoin price on verge of explosion, ranks among cryptocurrencies accumulated by whales
- The Shiba-Inu-themed memecoin is back on the list of top cryptocurrencies accumulated by whales on the Binance Smart Chain.
- Dogecoin price has posted 8% gains overnight as the memecoin recovers from the recent drop.
- On-chain activity in Dogecoin has exploded since the beginning of 2022.
- Analysts have predicted a continuation of the Dogecoin uptrend, identifying it as a make or break point for DOGE.
Dogecoin is back on the list of popular cryptocurrencies owned by top 1000 whales on Binance Smart Chain. In an overnight recovery, the memecoin has posted over 11% gains in the past 24 hours.
Analysts predict massive rally in Dogecoin price
Dogecoin price dropped over 75% from its all-time high of May 2021. Despite a consistent drop in price, the memecoin has witnessed a spike in on-chain activity. Proponents noted a spike in Dogecoin transaction activity by large wallet investors.
The memecoin is back on the list of the top cryptocurrencies owned by whales on the Binance Smart Chain. Large wallet investors on the BSC network hold Dogecoin among other top cryptocurrencies in their portfolio.
The transaction activity on the Dogecoin network increased alongside a spike in the memecoin’s price.
@CryptoKaleo, a crypto analyst and trader, evaluated the Dogecoin price trend and predicted an early uptrend.
$DOGE
— K A L E O (@CryptoKaleo) January 13, 2022
Picture 1 (zoomed in): "Wow, looks overbought, going parabolic. Not gonna touch it."
Picture 2 (zoomed out): Looks pretty damn early to me. pic.twitter.com/MRUgWeReym
The analyst believes that the next resistance would be at 24 cents.
*Assuming* $DOGE doesn't retrace here and this isn't just some sick twisted fake, next point of resistance will probably be HTF log diagonal, around 24 cents. pic.twitter.com/olidZrzaAd
— K A L E O (@CryptoKaleo) January 13, 2022
@JustinBennetFX, a crypto analyst and trader, predicted on January 6, 2022, that it was make or break time for Dogecoin. Over the past week, Dogecoin price posted 6% gains, breaking into an explosive rally earlier today.
FXStreet analysts are bearish on memecoin. Analysts have predicted that Dogecoin price could form a dead-cat bounce before a fatal crash to $0.09.
Author
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.
