Dogecoin price soared by 7 percent overnight as meme coin prepares for a rally. Users on the network note that whale activity has doubled, with transactions exceeding $100,000 increasing 111%. Analysts predict a breakout in Dogecoin and have set a target at $0.16.
A break in meme coin DOGE?
Dogecoin price may continue its uptrend as the network witnesses a massive increase in on-chain activity, according to experts. Analysts predict a rally in Dogecoin as whale transactions climb. The price of Dogecoin has surged around 15% in the past week, and according to some, the meme coin is poised for a price rally. Major wallet traders have become more active in the past 24 hours, according to data from IntoTheBlock. There is a 111% increase in transactions exceeding $100,000.
The spike in large volume transactions is often associated with whale activity. Accumulation by major wallet investors is on the rise for the meme coin. Whales hold over $40 million in Dogecoin as of March 26, 2022. Users have observed an accumulation phase in each market cycle where whales collect meme coin at a discount.
What can analysts expect?
Analysts evaluated the Dogecoin price trend. They identified $0.13 as the pivot point and the first major resistance for the meme coin at $0.14. According to FXStreet analysts, a wider breakout in Dogecoin price could send DOGE to $0.16. A major resistance level coincides with the $0.16 target and failing to cross the pivot will fuel a bearish narrative among traders.
FXStreet analysts believe that from the perspective of Ichimoku, the Dogecoin price trend does not look too weak. Analysts have predicted another upside move in Dogecoin as it will confirm a bull market. Analysts stated that the meme coin started its downtrend in May 2021, and Dogecoin investors have been waiting for more than 321 days in the bear market. The meme coin’s seasonal cycles point to a bullish breakout and continuation in Dogecoin. Looking at the cryptokoin.com data, DOGE is changing hands at $0.14 at the time of writing.
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