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Dogecoin is calling in a lot of speculation over major timeframes, according to the charts.
Analysts like Crypto Bullet and “Long Term” generally believe that Dogecoin is now bounded by its 99 and 50-day moving averages.
Crypto Dream sees Dogecoin repeating a multi-year accumulation pattern, which usually comes before a breakout to the upside.
Investing Haven highlighted an interesting accumulation trend from the whales, indicating that Dogecoin could be on its way to a price explosion.
Dogecoin has been through some of the most bearish times compared to most cryptocurrencies on the market.
The cryptocurrency trades at around $0.1088 with a $1.85% price increase in the 24 hours before writing.
Dogecoin’s performance
The cryptocurrency also has an impressive 7.73% increase over the last week in the bag—which is also impressive on its own.
However, Dogecoin has spent far too long, darting above and below the $0.1 price level.
While the bears have successfully defended this price level for nearly a month, investors would like to know:
What comes next for the king of memecoins?
Here are five of the biggest Dogecoin predictions to keep in mind, going forward.
According to a recent tweet from Crypto Bullet, Dogecoin might be able to escape this $0.1 price level very soon.
The analyst noted that the cryptocurrency has been trading underneath the $0.108 price level for a while now, which is also where its 99-day EMA sits.
Dogecoin’s price action
“[when we see a] breakout & retest” the analyst says “[Dogecoin will ] flip $0.108 and the pump is on”
At the time of writing, the cryptocurrency trades at $0.1088, which indicates that a turning point is almost here.
According to a recent tweet from Crypto Dream, Dogecoin—historically speaking— tends to repeat itself.
The analyst pointed out that the cryptocurrency often enters multi-month accumulations before periods of massive growth.
Dogecoin’s past accumulations
According to the chart illustrated above, the cryptocurrency entered similar accumulation patterns between 2015 and 2017, between mid-2018 and mid-2021, and now between mid-2022 until date.
Interestingly, all of these accumulation phases lasted an average of two years—in essence, if history repeats, we should be seeing a price spike soon.
In terms of price action on the daily timeframe, another analyst, “Long Term” noted that Dogecoin has just found support at the 50-day moving average as illustrated in the chart below:
Dogecoin’s support at the 50-day moving average
According to the illustrated chart, after breaking above the descending trendline (white line), the memecoin king appears to be trading on top of the yellow line, which is a positive sign altogether.
When combined with Crypto Bullet’s outlook, Dogecoin is now trading between its 50 and 99-day EMA, with its price action from here depending strongly on which dynamic support/resistance breaks first.
According to new insights from analyst, Mails, there are a few targets to look out for with Dogecoin.
To start with, the analyst believes that Dogecoin recently broke out of a Bullish triangle wedge resistance.
Dogecoin’s price targets
Furthermore, Dogecoin only has one more hurdle to cross before entering its bullish phase.
In essence, if the cryptocurrency continues to rise even further, it should be ready to break above certain predefined targets.
So far, some of these include $0.173, $0.205 and $0.2285. Overall, rallies to these highs should take the cryptocurrency up by around 70%, 100%, and around 120% within the next few weeks to months.
Analyst Investing Haven in a recent tweet over the weekend, highlighted something interesting about the whales' behavior.
According to the analyst, available data shows that there has been an increase in whale activity.
Moreover, there is an ongoing rise in large transactions.
Interestingly, according to data from IntoTheBlock, this turns out to be a valid observation.
The ongoing performance on Dogecoin
The crypto data tracking platform shows that Dogecoin transactions of more than $100,000 have spiked to a staggering $1 billion—in the last 7 days alone!
Furthermore, around 75% of Dogecoin investors are trading in profit, as opposed to the 20% in losses or the 5% at breakeven.
Investing Haven says that this increase in Dogecoin whale transactions often signals upcoming price moves that are usually substantial.
Dogecoin’s possible price action
In particular, this strong support of around $0.10 could trigger a rally toward a high of around $0.22, which is the same thing that Mails predicted earlier on.
In summary, Dogecoin's on and off-chain metrics show that something impressive is incoming.
For example, data from Coinglass shows that the memecoin’s weighted funding rate is currently green, at 0.0115%.
DOGE OI-Weighted Funding Rate
Trading volumes have also been low, but steady over the last two months, at an average of around $612 million a day, between mid-August and the time of writing.
If Dogecoin successfully breaks above the crucial $0.11246 resistance, the next stops for it include $0.13739, and $0.15490, all the way up to $0.17240.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.