Dogecoin (DOGE) Price Shows 2020-Like Setup, Next Target $10?

The world’s largest memecoin Dogecoin (DOGE) has been a dull performer throughout the altcoin bull over the last few months. However, DOGE is forming a very similar chart pattern before its mega bull run in 2021. Thus, if history repeats this time, the Dogecoin (DOGE) price could be eyeing a potential target of $10 in the next bull run.

Dogecoin (DOGE) Price Gearing for A Mega Rally?

Renowned crypto analyst Ali Martinez observes striking similarities in the price behavior of Dogecoin between its recent movements and those witnessed in 2020, suggesting a potential repeat of historical patterns.

Related articles

Doge2014 Celebrates 10 Years of Dogecoin and the Meme Coin Craze – Up to 50% Presale Bonus for Early Birds

30 July 2024

Dogecoin Proponent Elon Musk Reveals Why He Doesn’t Really Like Crypto

30 July 2024

ADVERTISEMENT

Martinez highlights the resemblance between Dogecoin’s current price action and its behavior in 2020, wherein the cryptocurrency broke out from a descending triangle pattern, entered a phase of consolidation, and subsequently experienced an exponential surge of 28,770%.

Presently, Dogecoin appears to be replicating this pattern, having recently broken out of a descending triangle and now undergoing a consolidation phase. The analyst added that this consolidation phase could be setting up the stage for the next bull run.

However, note that investors have been long awaiting the Dogecoin price to rally to $1. During the last bull run, the DOGE price touched its all-time high of 66 cents and corrected almost 90% since then. At press time, DOGE is trading at $0.084 with a market cap of $12.05 billion, holding above its 20-day SMA.

Nonetheless, according to the Bollinger Bands technical indicator, the bulls currently encounter significant resistance near $0.089. A clear breakthrough above the $0.089 barrier, positioned at the upper Bollinger Band of $0.089, has the potential to initiate a substantial bullish surge toward the anticipated Dogecoin price target of $0.1.

DOGE Whales Accumulate

Interestingly, on-chain data indicates that a cohort of strategic whale investors has opted to seize the opportunity presented by the market dip instead of participating in the current trend of selling off assets. The Santiment chart provided illustrates the dynamic shifts occurring in the balance of whale wallets, each containing a minimum of 10 million DOGE (~$800,000), offering real-time insights into their investment behaviors.

The Dogecoin whale balance currently stands at more than 15 billion DOGE tokens.