In the recent surge of altcoins, Dogecoin (DOGE) momentarily took a back seat, but now it’s making a comeback with potential excitement on the horizon. Analysts are pointing to similarities between its recent performance and the significant 2021 bull run, suggesting a possibility of DOGE hitting $10 in the upcoming bull market.
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Crypto analyst Ali Martinez, known for her market insights, has identified intriguing similarities between Dogecoin’s recent price movements and those observed in 2020.
This historical parallel hints at a potential repetition of patterns, similar to how DOGE broke out in 2020, entered consolidation, and then surged by a staggering 28,770%.
History seems to be repeating itself as Dogecoin breaks out of a descending triangle and enters a consolidation phase once again. Analysts believe this phase might be laying the groundwork for the next bull run, fostering expectations of exciting price movements.
Despite optimism, the Bollinger Bands technical indicator highlights a challenge. Bulls are facing substantial resistance around $0.089. If this hurdle is overcome, it could trigger a noteworthy bullish surge, potentially aiming for the anticipated Dogecoin price target of $0.1.
Investors have long hoped for Dogecoin to reach $1. In the last bull run, DOGE hit an all-time high of 66 cents but later corrected nearly 90%. Currently trading at $0.083 with a market cap of $12.05 billion, Dogecoin maintains its position above the 20-day Simple Moving Average (SMA).
Recent on-chain data sheds light on a unique strategy by Dogecoin’s strategic whale investors during the recent market dip. Instead of following the trend of selling off assets, a specific group of whales, each holding at least 10 million DOGE tokens (about ~$800,000), has chosen to accumulate.
Santiment also reveals a cumulative Dogecoin whale balance surpassing an impressive 15 billion DOGE tokens.
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