Dogecoin's Parabolic Bull Run and Whale Activity

Rumours suggest that Dogecoin has recently become one of the most favoured choices of crypto whales. In a post published on X by Ali about Dogecoin whales on November 15

Dogecoin, the top meme coin by market cap, has surged by approximately 155.25% since November 4. Several factors have contributed to this impressive growth, including key technical indicators suggesting room for growth in the Dogecoin market and reports indicating that DOGE is going to witness a parabolic bull run soon.

In a recent post on X, Crypto expert Ali provides an in-depth analysis of the current Dogecoin market landscape. Here's a summary of his insights and predictions.

Dogecoin Whale Activity and Retail Investment

According to Ali's post on November 15 about Dogecoin whales, at least 140 million Dogecoins were purchased by whales within just 24 hours. This massive buying activity by crypto whales is certainly an interesting development.

In another post on November 17 regarding the Dogecoin retail investment scenario, Ali highlights the growing interest among retail investors in this meme coin.

Dogecoin Price Predictions: Breaking It Down

Taking into account the May 2021 peak and the current price, we can calculate the percentage decrease. As of May 7, 2021, the Dogecoin price was nearly $0.69011. At the current price, it is at least 77.51% lower than the May 2021 peak.

Moreover, the current MVRV ratio remains at around 42.65%. These factors indicate that there is more room to grow for DOGE.

In his post on November 12, the crypto expert observed a parallel channel pattern in the weekly chart of Dogecoin. The chart, shared by the expert, suggests that a rebound from the lower channel could take the DOGE price to the middle channel of $2.40 or even to the upper channel of $18.

In his November 10 post, Ali used the Fibonacci retracement indicator to predict that the DOGE market could reach the range between the retracement levels of 1.618 and 2.272. Interestingly, the Fibonacci retracement level of 1.618 sits at $3.95, and the level of 2.272 at $23.26.

Historical Bull Runs: Highlighting the Potential

Emphasizing the massive growth potential of Dogecoin, the crypto expert noted in his November 13 post that the DOGE market witnessed a huge rise of 9,470% in its 2017 Bull Run and an astounding surge of 30,700% in the 2021 Bull Run.

In his latest post, Ali also points out the possibility of price corrections, describing how the market experienced corrections in 2017 and 2021.

Overall, Dogecoin's journey to higher price levels is fueled by whale activity, historical trends, and market signals, making the current Dogecoin price prediction an exciting prospect for investors.

FAQs

Dogecoin's recent price surge is attributed to increased whale activity, growing retail investor interest, and strong technical indicators suggesting room for growth.

Crypto experts predict Dogecoin could reach between $3.95 and $23.26, based on Fibonacci retracement levels and historical bull run patterns.

Yes, Dogecoin might definitely be a good investment, if you are looking to invest for the long term.

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