Whales bought a significant amount (1.4 billion DOGE) in the last two weeks, suggesting potential interest from these large players
Dogecoin rallied from $0.122 but is currently consolidating around $0.2.
The memecoin's RSI suggests potential for continued price increase despite the correction.
Analyst Ali suggests a price surge to $1 based on whale activity and technical indicators.
Dogecoin appears to be at the cusp of something huge, as highlighted by several indicators, including whale activity and price action.
So far, the memecoin appears to be in the middle of a comeback, and we may be looking at one of the first few warning signs of a massive rally to $1 very soon!
According to recent data highlighted by on-chain crypto analyst, Ali, Dogecoin whales have been on a buying spree.
The analyst pointed out that over the last two weeks, the memecoin whales have been busy, scooping up a staggering 1.4 billion DOGE (which is worth around $280 million).
$1.4 billion DOGE
These inflows into Dogecoin, in particular, show the significant inflow of capital into the DOGE ecosystem, and what might be about to happen.
The burning question on everyone’s mind remains: How high can Dogecoin soar?
From what we can see, the whales are acting based on indicators that might be unclear to the average retail investor and the memecoin might be about to turn in some pretty significant returns, particularly in 2024.
Moreover, Ali himself, in an earlier tweet even stated that judging by the price action of Dogecoin, we might be looking at a potential surge to $1 per DOGE by mid-April.
Dogecoin to $1
As the crypto community eagerly watches the DOGE charts, one thing is certain:
The meme coin has moved way past the "joke" of the 2010s and is set to reach for the moon or beyond.
From what we can see in the charts, Dogecoin spent most of the last two weeks in a rally, after rebounding from $0.122
Dogecoin’s rebound from $0.122
The memecoin is in the middle of a correction after being rejected from $0.2288 and is currently cooling off around $0.2.
However, the memecoin’s RSI currently sits strongly in bullish territory, lending promise to its price action.
Considering how the $0.2 support is a psychological one, we can expect the bulls to hold the fort, and prevent the memecoin from going any lower than $0.198.
Dogecoin’s incoming rally
Through it all, hopes for another 70% Dogecoin rally to $0.35 remain alive, and we might be seeing the memecoin dominate the memecoin space once again, in the incoming bull run.