Dogecoin DOGE/USD looks set for a parabolic run based on technical chart patterns, with analysts predicting a significant rally ahead.
What Happened: Elon Musk on Tuesday, teased Dogecoin with a message calling itself “The dog’s father.”
Ali Martinez, crypto analyst foreseen a 120% rally to $0.82, provided DOGE maintains support above $0.37. This prediction follows a confirmed breakout of a bull flag pattern.
Martinez highlighted the factors behind this potential rally, including substantial whale accumulation, increased retail interest, and DOGE avoiding overbought levels despite its recent rise.
He also suggested that if DOGE follows its historical price patterns, a potential high could be between $3.95 and $23.26, depending on broader market conditions. However, he warned that sharp corrections, similar to previous increases, could follow these surges.
Why it’s important: Dogecoin’s growing momentum aligns with growing whale activity and retail interest. IntoTheBlock data reveals a 41.1% increase in large transactions and a 34.9% increase in daily active addresses.
However, Dogecoin developer Mishaboar highlighted security concerns surrounding the Dogechain.info wallet platform, advising users to secure their funds before it closes on December 31.
Price action: Dogecoin is up 6.8% to $0.388 over the past 24 hours.
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