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Dogecoin Whales Signal Potential 3X Price Surge

Coin WorldWednesday, Feb 5, 2025 8:06 am ET

1min read

Dogecoin's recent price action has sparked speculation about a potential threefold increase in its value, as historical whale activity suggests a bullish trend. The meme coin's price has been hovering above the $0.26 support level, with analysts pointing to a possible surge in the coming weeks.

Market volatility has been a defining characteristic of Dogecoin's price movement, with the broader crypto sector struggling to regain momentum. However, the price chart indicates a fluctuating uptrend, suggesting potential gains. With DOGE maintaining support above $0.26, historical whale activity hints at a possible 3X surge. If accumulation trends persist, Dogecoin could see a notable price increase soon.

Analysts have drawn parallels between Dogecoin's current market activity and historical patterns. In December 2024, DOGE suffered a steep 45% decline over 12 days. However, a sudden increase in whale transaction counts above the 200-day moving average signaled strong accumulation, leading to a 52% price recovery within 15 days. A similar trend is unfolding now, as Dogecoin experiences a 53% crash over 16 days while whale transactions spike above the 200DMA.

Market analysts point to the triple confluence of a sharp price drop, rising whale transaction volumes, and a key technical breakout above the 200-day moving average as indicators of a potential bullish reversal. Past patterns indicate that when whales increase buying activity after a steep correction, the DOGE price tends to surge significantly in the following weeks. This aligns with this scenario, raising expectations that the top meme coin may soon see another rapid price appreciation.

Crypto analysts have also drawn attention to a potential fractal pattern in Dogecoin price action. The analyst shared a chart comparing DOGE's past rallies with its current structure, suggesting that history could repeat itself. The analyst highlights Dogecoin's bounce off the 200-day SMA, a key level that triggered a major price surge. In early 2024, DOGE followed a similar pattern, consolidating before a sharp breakout. If this fractal holds, the price could aim for the 1.618 Fibonacci extension level, targeting approximately $0.706.

Currently, DOGE is trading around $0.26 after d

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