- Dogecoin price rose 7% overnight as the coin meme gears up for a rally.
- Promoters note that whale activity has doubled, with transactions exceeding $100,000 increasing by 111%.
- Analysts predict Dogecoin breakout, set target at $0.16.
Dogecoin price may continue its upward trend as on-chain activity on the network sees a massive spike. Analysts Predict a Dogecoin Recovery as Whale Transactions Rise.
Dogecoin price on course for a breakout
Dogecoin price has seen gains of nearly 15% over the past week. The meme coin is on track for a price rally. According to data from IntoTheBlock, large portfolio investors have become more active over the past 24 hours. There is a 111% increase in transactions over $100,000.
A spike in high-volume transactions is frequently associated with whale activity. The accumulation by large wallet investors is bullish for the coin meme. Whales hold over $40 million in Dogecoin as of March 26, 2022.
Proponents have observed an accumulation phase in each market cycle, where whales pick up the coin even at a discount.
Analysts assessed the Dogecoin price trend and identified $0.13 as a pivot, and the first major resistance for the coin even at $0.14. A larger breakout in Dogecoin price could send it to $0.16, according to analysts at FXStreet.
A major resistance level coincides with the target at $0.16, and a failure to break above the pivot would fuel a bearish narrative among investors.
FXStreet analysts believe that from Ichimoku’s perspective, the Dogecoin price trend does not look very weak. Analysts predicted another upward push for Dogecoin as it would confirm a bull market.
Analysts noted that the meme coin started its downtrend in May 2021 and Dogecoin investors waited over 321 days in the bear market. The seasonal cycles of the meme coin indicate a bullish breakout and continuation in Dogecoin.