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.
The post Analyst Predicts Dogecoin (DOGE) Price to Hit $1.1 as Whales Accumulate 100M DOGE appeared first on CoinGape.
