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Whales have bought 400 million DOGE in just five days, potentially setting the stage for a price uptrend.
ByDimitar Dzhondzhorov
The OG meme coin has jumped by 5% over the past 24 hours following the renewed green wave sweeping through the broader cryptocurrency market.
According to Ali Martinez, several key factors suggest a much more substantial rally may unfold in the near future.
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As of press time, DOGE is worth approximately $0.087 (per CoinGecko), representing a 24% increase over the past month. Martinez revealed that the asset’s Tom DeMark Sequential has flashed a buy signal on the daily timeframe, suggesting that the meme coin could be preparing to resume its uptrend.
His second optimistic element is the formation of a so-called “morning doji star” on the 24-hour chart. The analyst claimed that this reversal pattern usually occurs near the end of a downtrend, signaling that selling momentum may be fading as buyers step in.
Next on Martinez’s list is whale activity. He disclosed that large holders have scooped up more than 400 million DOGE over the last five days, “adding meaningful buying pressure at current levels.”
The analyst opined that the accumulation has reinforced a major on-chain support near $0.0813, where almost 35 million units were previously traded.
“As long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets,” he concluded.
Interestingly, earlier this week, Martinez suggested that the $15 Dogecoin target he has been tracking for a long time was invalidated after the price briefly plunged below the lower boundary of the channel that had defined the thesis for such a potential explosion.
Source: cryptopotato.com