|

Dogecoin whales are buying the dip: Will DOGE lead a meme coin price rally?

  • Dogecoin price yielded 9% gains overnight as large wallet investors continued accumulating the meme coin. 

  • The largest meme coin in the crypto ecosystem showed mild decoupling signs from the broader crypto market over the weekend. 

  • Analysts are bullish on DOGE, predicting a run up to $0.80 in a massive price rally. 

Dogecoin, one of the largest meme coins in the crypto ecosystem, recently decoupled from other cryptocurrencies. DOGE price yielded 9% gains for holders since April 1. 

Whales continued accumulating DOGE tokens, fueling a bullish sentiment among holders. 

Also read: Elon Musk supports DOGE holders after $258 billion Dogecoin lawsuit

Dogecoin decouples from crypto market, what to expect

Analysts at the crypto intelligence tracker Santiment recently commented on Dogecoin’s decoupling from the crypto market. DOGE price rallied 9% overnight, driving a bullish sentiment among holders. 

DOGE accumulation and recent decoupling

Dogecoin accumulation and recent decoupling 

As seen in the chart above, experts identified a pattern of alternating “dump” and “accumulation” cycles in the Shiba-Inu-themed cryptocurrency. While DOGE is currently in the accumulation phase, it remains to be seen how long this phase lasts before whales take profits.

Large wallet investors have continued their accumulation of the Shiba Inu rival throughout the accumulation phase. Large wallet investors added over 10 million DOGE worth $123.1 million within three months. 

What’s next for Dogecoin price

Dogecoin price is currently in an accumulation phase, according to analysts at Santiment. Post this accumulation phase, if DOGE price sustains its uptrend, a bullish breakout is likely. The price chart below shows that the Dogecoin price broke out of its downtrend. 

The Relative Strength Index (RSI) shows a bullish divergence. This is typically considered a bullish sign for DOGE price. DOGE price would face resistance at the Fibonacci Retracement levels at $0.21, $0.31, $0.47, and $0.59 before hitting its bullish target. 

DOGE/USDT 1D price chart

DOGE/USDT 1D price chart

It's yet to be determined if DOGE will continue its upward trend and generate more profits for its holders, and also whether it will trigger a surge in other meme coins related to Shiba Inu.Crypto analyst @WorldOfCharts1 has set a target of $0.80 for the meme coin.

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.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Chainlink bulls defend key support, but low retail interest signals caution

Chainlink trades above $14.00 on Monday, as the cryptocurrency market generally recovers from last week’s volatility. LINK faces declining retail interest amid a weak derivatives market characterised by suppressed Open Interest.

Crypto Today: Bitcoin, Ethereum, XRP hold near support amid continued capitulation, deleveraging 

Bitcoin offers subtle signs of recovery, trading above $95,000 at the time of writing on Monday. Altcoins, including Ethereum and Ripple, are making recovery attempts, following in BTC's footsteps, with ETH hovering below $3,200 and XRP trading around $2.27.

Bitcoin stabilizes at crucial support while institutional outflows continue

Bitcoin price is finding support around the key level of $94,253 at the time of writing on Monday, after correcting nearly 10% in the previous week. Institutional demand continues to weaken as US-listed spot Bitcoin ETFs recorded over $1 billion in outflows over the past week

BNB Price Forecast: Key resistance trendline in focus as whale interest spikes

BNB recovery challenges a long-standing resistance trendline, with bulls aiming for a breakout. Derivatives data suggest an increase in futures average order size, indicating a spike in interest among large wallet investors. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: The capitulation phase unfolds

Bitcoin (BTC) market structure continues to deteriorate as the capitulation phase begins to take shape, with BTC sliding below $97,000 on Friday and extending losses to more than 7% so far this week.