Buying pressure has been engulfing the Dogecoin (DOGE) network thanks to heightened accumulation from whales.
According to renowned market analyst Ali Martinez, Dogecoin whales recently purchased 60 million DOGE coins based on a remarkable appetite.
This is a bullish sign since increased holding reduces selling pressure, given that coins are stored for future purposes other than speculation.
Martinez delved deeper into the Dogecoin network and stipulated that the leading meme coin was facing a 140% to 230% surge based on intensified consolidation.
The analyst pointed out, “Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run.”
Source: Ali Martinez
If this prediction is true, Dogecoin will surge to the $0.3 level from its current price of $0.134, with all eyes set on the $2 zone, according to Martinez.
Through Dogecoin’s Bullish Lens
An economist and trader under the pseudonym Mikybull Crypto also recently shared similar sentiments that a post-halving wave of the rally was brewing for DOGE, which could see its price hit $1.1.
Therefore, it seems it’s not a matter of if but when Dogecoin will experience a notable leg up since it’s breaking out of a wedge with a 44% upside in the offing.
Meanwhile, crypto analyst Trader Tarigrade acknowledged that DOGE was mirroring its 2017 and 2021 rallies, which could see the ninth-largest cryptocurrency hit the psychological threshold of $6.
