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Dogecoin

Despite its lackluster performance during the recent altcoin surge, Dogecoin (DOGE), the world’s largest memecoin, is displaying a chart pattern reminiscent of its notable bull run in 2021. Should history mirror previous trends, there is speculation that Dogecoin (DOGE) price could rally to $10 in the upcoming bull run. 
<h3 id="dogecoin-doge-price-gearing-for-a-mega-rally">Dogecoin (DOGE) Price Gearing for A Mega Rally?</h3> 
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. 
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%. 
<figure id="attachment_182067" aria-describedby="caption-attachment-182067" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182067" src="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price.jpeg" alt="" width="2254" height="1518" srcset="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price.jpeg 2254w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-300x202.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-1224x824.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-768x517.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-1536x1034.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-2048x1379.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-150x101.jpeg 150w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-272x182.jpeg 272w" sizes="(max-width: 2254px) 100vw, 2254px">
 <figcaption id="caption-attachment-182067" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1760921211251425472" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
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 <a href="https://coingape.com/markets/dogecoin-price-prediction-as-pattern-signals-rally-0-1/" target="_blank" rel="noopener">Dogecoin price target of $0.1</a>. 
<img decoding="async" class="aligncenter size-full wp-image-182071" src="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action.png" alt="" width="2516" height="978" srcset="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action.png 2516w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action-300x117.png 300w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action-1224x476.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action-768x299.png 768w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action-1536x597.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action-2048x796.png 2048w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-Price-Action-150x58.png 150w" sizes="(max-width: 2516px) 100vw, 2516px"> 
<h3 id="doge-whales-accumulate">DOGE Whales Accumulate</h3> 
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. 
<figure id="attachment_182073" aria-describedby="caption-attachment-182073" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182073" src="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation.png" alt="" width="3186" height="1492" srcset="https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation.png 3186w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation-300x140.png 300w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation-1224x573.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation-768x360.png 768w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation-1536x719.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation-2048x959.png 2048w, https://coingape.com/wp-content/uploads/2024/02/Dogecoin-DOGE-whale-accumulation-150x70.png 150w" sizes="(max-width: 3186px) 100vw, 3186px">
 <figcaption id="caption-attachment-182073" class="wp-caption-text">
 Courtesy: Santiment
 </figcaption>
</figure> 
The <a href="https://coingape.com/markets/dogecoin-price-prediction-how-doges-growing-adoption-could-trigger-rally-above-0-15/" target="_blank" rel="noopener">Dogecoin whale balance</a> currently stands at more than 15 billion DOGE tokens. 
The post <a href="https://coingape.com/dogecoin-doge-price-shows-2020-like-setup-next-target-10/">Dogecoin (DOGE) Price Forms 2020-Like Technical Setup, Next Target $10?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

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

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