• Crypto & Funx
• 04 Aug, 2024

Large DOGE holders have been accumulating, with wallets holding between 10 million and 100 million coins collectively adding 17.64 million DOGE.

DOGE has broken key resistance levels, forming a bullish flag and pole pattern.

If the current pullback stabilizes, DOGE could aim for an additional 36% rally, potentially reaching $0.20.

The world’s largest meme coin Dogecoin has been on investors’ radar recently as it outperforms the broader crypto market with 5.44% gains in the last 24 hours. This renewed investor interest helps the meme coin to wipe off last week’s losses.

As of press time, the DOGE price is trading at $0.1449 with a market cap of $21.24 billion. Popular crypto market analyst Ali Martinez explains that Dogecoin is currently standing at a crucial breakout point forming a flag and pole pattern.

Thus, he noted that the correction last week was actually an opportunity to buy the dips and regain the bullish momentum. Crypto analyst Ali Martinez noted that if Dogecoin (DOGE) surpasses the $0.143 resistance level, the memecoin could rally by 25%, potentially reaching up to $0.175.

Courtesy: Ali Martinez

On the other hand, Elon Musk is once again teasing DOGE which could prove to be an additional catalyst for the world’s largest meme coin. Earlier today, Musk shared the image of him attending the Trump rally along with the DOGE picture while hinting at the Department of Government Efficiency (D.O.G.E) in the Trump administration.

pic.twitter.com/y0UCd5NvMj

— Elon Musk (@elonmusk) October 28, 2024

— Elon Musk (@elonmusk)

On-chain Development for Dogecoin

Blockchain analytics platform Santiment recently reported that large Dogecoin holders have been accumulating in big numbers recently. The DOGE wallet sizes between 10 million and 100 million coins have increased their holdings while accumulating a total of 17.64 million DOGE.

This growing accumulation hints at heightened confidence in the DOGE’s future price potential and might contribute to stronger price support in the coming weeks.

Courtesy: Santiment

The latest Dogecoin price analysis suggests that the current pullback may follow a strong recovery that began in mid-October. Starting from $0.10, DOGE surged to a peak of $0.149, a 48% gain.

According to the TradingView chart, this upswing broke through key resistance at $0.12, ending a four-month accumulation phase for DOGE. If this momentum holds, buyers could drive the price up by an additional 36%, potentially reaching the $0.20 mark.

Courtesy: TradingView

A recent bullish crossover between the 50-day and 200-day EMAs also supports a continued upward trend, boosting buyer confidence. However, if the retest phase fails to hold above the broken triangle pattern, sellers may regain control, leading to extended consolidation for the asset.