Whales Accumulate Over 1 Billion $DOGE: Dogecoin Returns to the Race Towards the $1 Mark?

In the past 48 hours, the price of Dogecoin has drawn attention again from large holders after 1.08 billion DOGE was bought in a short-term. This large accumulation coincides with a rise to the sky in the price of Dogecoin, surpassing the $0.24 level, sparking speculation about the next bullish move of this coin. Whale Activity Signals New Interest in Dogecoin Notably, recent on-chain data shared by analyst Ali Martinez shows that DOGE whale activity has increased. Addresses holding between 100 million and 1 billion DOGE have accumulated over 1.08 billion tokens in the past two days.

Therefore, this accumulation period of the whales is accompanied by the price of Dogecoin rising to over $0.24. This indicates a correlation between accumulation and the bullish trend in the market. Traditionally, a strong increase in the amount of coin held by whales often occurs before short-term to medium-term bullish trends in the cryptocurrency market. The trend of these large holders indicates the likelihood that this trend will continue. A large number of wallet addresses belong to long-term holders or organizational wallets. The outflow of over one billion DOGE from these organizations may indicate that they predict this meme coin will soon rise to the sky or will be bullish in the future. Dogecoin Maintains Long-Term Uptrend Channel According to the chart analysis by Crypto Yoddha, the price of Dogecoin is trading within a parallel channel that has a bullish trend that began developing at the beginning of 2023. Within this framework, the price has formed a series of higher lows and higher highs, indicating the formation of a continuous bullish market.

Notably, the latest recovery occurred in the middle of the channel, slightly above the $0.15 region, thereby further reinforcing the channel and creating a technical foundation for the upcoming bullish waves. This recovery, along with the bullish weekly candle and increasing volume, indicates that the support trendline is functioning. In addition, this model provides a price action roadmap, and the upper limit of the channel indicates an upward direction above $0.80. As long as Dogecoin can hold above this average line, its technical outlook will remain bullish. The Forecast Indicates a $1 Target in the Current Cycle Furthermore, Crypto Yoddha notes that the current trend could support the price rising to 1 dollar, provided that Dogecoin maintains its bullish momentum and trendline structure. As the chart shows, the meme coin must trade on the long-term support line and respect the wider bullish channel. Then, the price could expand to historical resistance areas. This is the range of $0.30 to $0.36, followed by a slow rise to the psychological level of $1. The most recent all-time high of Dogecoin was reached during the 2021 cycle when the price surpassed 0.70 dollars in a short-term. In addition, the current arrangement is structurally similar to repeatedly testing various support lines and the consolidation leading to a higher breakout. However, the path to reaching 1 dollar may involve sustained price interest, maintaining a bullish technical trend and investor sentiment. Dogecoin According to the 4-Year Model Towards 2025 Meanwhile, according to Trader Tardigrade, the price of Dogecoin could break out in 2025 due to the annual candle structure. He shared a chart showing the growth levels in 2017 and 2021, each year having a rounded bottom lasting several years. The current price pattern resembles previous cycles, which could create a similar vertical trend until 2025.

Moreover, the analyst emphasizes a 4-year consolidation cycle, followed by an annual bullish phase. The breakout years are indicated by green arrows, and the current year is predicted to be 2025. If this upward momentum continues, the price of Dogecoin may be in the early stages of a new bullish phase, potentially surpassing the all-time high.