In the midst of significant declines in recent days, the price of Dogecoin (DOGE) is currently displaying some signs of recovery as a bullish trend emerges for the largest memecoin on the market.
Despite the broader market downturn, DOGE, a memecoin indicator, has recently turned green, indicating a strong signal for a potential massive rally in the cryptocurrency’s future.
Trader Tardigrade, a renowned cryptocurrency trading expert on X, shared their technical analysis on the future movement of DOGE in a post on June 20.
According to the analyst, the Dogecoin weekly chart’s Gaussian Channel (GS) has turned green. Once this latest trend is completed, the price of Dogecoin will experience significant growth.
“The Gaussian Channel (GC) on the $DOGE weekly chart has turned green. We are now at the beginning of the green phase. When the time is up, Dogecoin will experience an incredible surge,” they wrote.
At the time of writing, the price of Dogecoin was quoted at US$0.1236, showing a 0.4% increase in the past 24 hours.
During 2023, Dogecoin whales significantly reduced their positions, as stated in a report released by cryptocurrency analysis platform IntoTheBlock. The data revealed that the percentage of Dogecoin held by whales decreased from 45.3% to 41.3%.
“Over the past year, the largest Dogecoin whales have been reducing their holdings. The percentage of supply held by those who own more than 0.1% each has fallen from 45.3% to 41.3%. In contrast, retail and mid-market investors now hold a greater share of the total supply,” the report stated.
Despite recent negative sentiment and indications of memecoin price increases, Santiment noted that Dogecoin’s 30-day MVRV suggests that the cryptocurrency has significant potential for a future rise.
Disclaimer: The views and opinions expressed in this article, by the author or anyone mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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