- Dogecoin’s momentum and bullish signals position it for a potential breakout, with targets of $8–$10 aligning with historical growth patterns.
- Renewed whale activity and long-term holder confidence highlight strong investor belief in Dogecoin’s future potential.
Dogecoin ($DOGE) is currently experiencing significant upward momentum, moving out of the oversold zone and approaching overbought territory. Previously, as reported by CNF, market attention turned to viral ETH meme coins, drawing comparisons to Dogecoin’s potential.
Chart analysis suggests that Dogecoin could target the $8 to $10 range, fueled by growing investor confidence and bullish technical indicators. This pattern aligns with historical trends, where assets exiting oversold conditions often enter a new phase of growth.
Whale Activity Sparks Optimism
A key event in the Dogecoin ecosystem was the reactivation of an ancient wallet holding 870,000 DOGE after 11 years. The wallet moved its tokens, realizing an extraordinary 64,249% return on investment. While this transaction didn’t directly impact prices, it underscores renewed confidence among long-term holders.
Additionally, whales have accumulated over 550 million DOGE in the past month, signaling strong belief in the asset’s future potential, as highlighted in a recent tweet by Whale Alert.
A dormant address containing 870,019 #DOGE (391,889 USD) has just been activated after 11.0 years!https://t.co/lNKHA7fzfx
— Whale Alert (@whale_alert) December 7, 2024
Analysts Predict $10 Target
Experts remain optimistic about Dogecoin’s trajectory. Consolidation around $0.60 has positioned the asset for a potential breakout, with targets of $0.93 and beyond. If the bullish trend continues, Dogecoin’s next rally could push it toward the much-anticipated $10 mark, marking a significant milestone in its current market cycle.
Currently, Dogecoin (DOGE) is trading at $0.4088, reflecting a 7.15% decrease in the past day and a 1.39% decline over the past week.
