Dogecoin (DOGE) shows signs of ‘incredible increase’ in its price; Details

Amid significant drops in recent days, the price of Dogecoin (DOGE) is currently showing some signs of recovery in the face of an upward trend emerging in the path of the largest memecoin on the market.

Despite the broader market pullback, as well as DOGE, a memecoin indicator turned green recently, suggesting a strong signal for a potential massive rally on the cryptocurrency’s horizon.

The renowned cryptocurrency trading expert known as Trader Tardigrade on X shared technical analysis on the future movement of DOGE in a post shared on June 20.

According to the analyst, the Gaussian Channel (GS) has turned green on the Dogecoin weekly chart. After the completion of this latest trend, the price of Dogecoin will “increasingly increase”.

“The Gaussian Channel (GC) on the $DOGE weekly chart has turned Green. We are now at the beginning of Green. When the time is up, Dogecoin will increase incredibly,” she wrote.

Gaussian Channel (GC) on $DOGE weekly chart has turned Green 🔥
We are now at the beginning of the Green.
When the time is up, #Dogecoin will surge incredibly 🚀 pic.twitter.com/WWDTI9PwrM

— Trader Tardigrade (@TATrader_Alan) June 20, 2024

At the time of publication, the price of Dogecoin was quoted at US$0.1236 with an increase of 0.4% in the last 24 hours.

Dogecoin Whales Sell As Uptrend Emerges; What’s next for DOGE?

During 2023, Dogecoin whales significantly reduced their positions, according to a survey released by cryptocurrency analysis platform, IntoTheBlock. The data highlighted that the proportion of Dogecoin held by whales decreased from 45.3% to 41.3%.

“Over the past year, the largest Dogecoin whales have reduced their holdings. The percentage of supply held by those who own more than 0.1% each fell from 45.3% to 41.3%. In contrast, retail and mid-market investors now hold a greater share of total supply,” he wrote.

Amid recent negative sentiment and signs of memecoin price increases, Santiment noted Dogecoin’s 30-day MVRV, suggesting the cryptocurrency has great potential to rise soon.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.