Analyst Predicts Dogecoin (DOGE) Price to Hit $1.1 as Whales Accumulate 100M DOGE
By: bitcoin ethereum news|2025/05/03 12:45:01
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As the Dogecoin price consolidates, there are rising possibility that it may short-squeeze in the near term. An analyst has identified a unique chart pattern and boosted his target to $1.1, up by 510% from the current level. Further, there are signs that whales have accumulated the coin slowly. Crypto Analyst Sees the Dogecoin Price Soaring to $1.1 Dogecoin price today trades at $0.18, a level it has been stuck at in the past few weeks. While the coin is not showing any bullish trend on the short-term charts, an analyst believes that it is in a long-term bull run that could see it cross the psychological point at $1, and then hit $1.1 eventually. The analyst cited the weekly chart below and drew two trendlines. The lower line connects the lower highs since October 2023. Likewise, the upper side of his chart links the key levels at $0.23 and $0.50. He then identified the first wave between October 2022 and the highest swing in April 2024. This wave was about 290% surge. The second wave ran from its September low and its December 2024 high. After dropping to the lower side of the giant megaphone pattern, the analyst predicts that the next pump will push it to $1.1. He expects this DOGE price prediction to push it to happen in September this year. Whales are Accumulating DOGE The bullish Dogecoin price outlook likely explains why whales have continued to accumulate it in the past few months. In an X post on May 1, Ali Martinez noted that whales had bought 100 million DOGE in the last week alone. At the current price, these coins are worth over $18 million. A deeper dive shows that whales have been accumulating it since March 7. At the time, the number of coins held by whales with between 1 million and 10 million coins jumped from 10.3 billion to the current 10.59 billion or 290 million coins. Whale purchases is seen as a bullish signal in crypto market analysis. DOGE Price Forecast: Inverse Head and Shoulders Forms The short-term DOGE price forecast is also bullish as it has slowly formed an inverse head and shoulders pattern on the eight-hour chart. Its head is at the April low of $0.1305, and it has a slanted shoulder. The coin has also moved above the 50-period moving average, providing strong support. Therefore, the most likely Dogecoin forecast is where it surges, potentially to the next point at $0.2087, which is about 15% above the current level. Crossing that level will bring its next target at $0.2420, the highest level on March 2. A drop below the right shoulder at $0.1513 will invalidate the bullish outlook, and point to further downside at $0.12. Frequently Asked Questions (FAQs) The analyst has identified two long-term waves and is now predicting that it will enter the third one. The most likely Dogecoin prediction is where it has a bullish breakout as it has formed an inverse head and shoulders pattern. Dogecoin price will likely rise since there are signs that whales are actively accumulating the coin recently. ✓ Share: crispus Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/markets/analyst-predicts-dogecoin-doge-price-to-hit-1-1-as-whales-accumulate-100m-doge/
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