Many consider Dogecoin a top candidate to lead the altcoin season in the coming year, with top analysts betting on DOGE surpassing $20
A crypto analyst has stirred up excitement in the market with a bold prediction about Dogecoin (DOGE). In a recent X post, the analyst suggested that the dog-themed memecoin’s price could skyrocket to $24, a 5,823% surge from its current price.
This prediction is based on technical signals and recent big purchases by investors. These factors suggest that memecoin could become a major player in the crypto world.
Fibonacci Support: A Key to the Dogecoin Forecast
Dogecoin has seen its share of ups and downs. In early November, it surged by an impressive 132%, reaching a three-year high of $0.4800. However, its price has since fallen by over 16% and is now trading around $0.3992. Dogecoin soared past $1 in November, especially after Donald Trump’s reelection.
Also, the expectation that Elon Musk, a tech billionaire, may join Trump’s administration added to Dogecoin’s momentum. The excitement around Dogecoin’s rise has slowed, possibly because of a recent hacking into its network nodes.
Even with the pullback, many traders are still hopeful. Analysts like Cantonese Cat think the recent technical changes show that the altcoin is ready to rise again. They believe strong support levels have helped it stay steady during the dip.
Cantonese Cat’s prediction is not just a guess; technical data support it. Dogecoin has managed to maintain critical support levels, especially the 0.786 Fibonacci extension. This is similar to what happened in 2021 when Dogecoin rose from a similar point and broke past the 2.272 Fibonacci extension.
At the time, the digital token reached a high of $0.73995. If this pattern happens again, Dogecoin could break these levels and reach the huge price of $24.
Whale Activity: A Signal of Confidence
Along with technical patterns, whale activity has supported the positive outlook for Dogecoin. Market analyst Ali Martinez has noticed that large holders are buying a lot of tokens. In just 24 hours, whales with between 10 million and 100 million DOGE bought 160 million tokens, worth about $64 million.
This brings the total DOGE these whales hold to 22 billion, worth nearly $9 billion. Large purchases like this often signal that prices may rise, showing that these big investors believe in Dogecoin’s future. Whales increasing their Dogecoin holdings during a price drop shows their confidence in its long-term growth.
This recent prediction has sparked new expectations among investors, who are watching the asset’s movement more closely than ever.
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