Dogecoin, the meme-inspired cryptocurrency that began as a joke about Bitcoin in December 2013, is picking up steam. It has all the makings of a huge breakout rally in the making. Just last week, the cryptocurrency tied to Elon Musk saw a massive new addition in the form of new whales. This bullish trend, combined with the development of these bullish technical patterns means it could go up 80% by September. Dogecoin has fallen back down to about $0.234. It has increased more than 10% in the past week, catching the eye of weary investors and keen market watchers.
Recent evidence shows that the majority of Dogecoin has been recently accumulated by large investors, or “whales.” Crypto analyst Ali Martinez recently documented an astounding occurrence. To put the whales’ NEGOTIATOR power in context, within 48 hours of launching, these whales devoured more than 1 billion DOGE tokens! This major accumulation usually indicates deep confidence in the asset’s future price appreciation prospects.
Buoying the Dogecoin price outlook is a bullish “double bottom” technical pattern on its chart. Martinez sees this development in technical formation a positive omen for Dogecoin’s long-term future. If the pattern plays out as predicted, it might rise up to $0.42 by September. Such a move would be about an 80% premium over its current trading price.
Additionally, from the technical perspective, Dogecoin price action is trapped within the bounds of an ascending channel for the time being. This pattern usually results in a huge upside breakout, provided the cryptocurrency can manage to walk through the maiden resistance ceilings. As of this writing, dogecoin is about 70% off its all-time high of $0.7376. The combination of whale accumulation and bullish technical indicators points toward a resurgence with this top meme coin.
Beyond technical considerations, corporate adoption is equally likely to play a role in any possible Dogecoin revival. Today, companies such as Bit Origin are putting Dogecoin – a completely useless cryptocurrency – on their corporate balance sheets. This change is a clear indication that cryptocurrency is being accepted as a more legitimate asset.
If this recent momentum keeps up, Dogecoin might just be one of the best performing cryptocurrencies this summer. An 80% rally would still ignite a firestorm in Dogecoin’s price, pushing it deeper into unexplored territory it has never been before. This astounding increase would likewise bolster Dogecoin’s hold in the larger cryptocurrency landscape.
