Whales support Dogecoin: Billions of dollars have been poured into Dogecoin, and analysts predict that Dogecoin will continue to erupt in the future.

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This news was published on November 13, 2023, Taiwan time
The title is Whales Support Dogecoin: Billions of dollars have been poured into Dogecoin, and analysts predict that Dogecoin will continue to spray in the future.

Recently, cryptocurrency analyst Rekt Capital expressed optimism about Dogecoin (DOGE), believing that it is on the verge of a major bullish breakout. This prediction comes on the heels of Dogecoin’s staggering 35% rise last month, which also saw other cryptocurrencies such as Solana, Chainlink and Cardano (ADA) perform well during the same period. Rekt Capital has been recording Dogecoin’s market movements since last year and found that it was in a descending channel pattern starting in late 2022, but there has been a clear shift in market trends since mid-October, with bullish signs intensifying. Dogecoin is currently priced at $0.07827, and a breakout to $0.15 would represent a gain of more than 90% from current prices and a rise of 163% from the October low. The recent market rally was further fueled by crypto whales injecting over $2 billion into DOGE in just 30 days. Despite the promising future of Dogecoin, its current market capitalization is still well below the all-time high of $0.65 it once reached. In addition, Bitcoin (BTC), another giant in the cryptocurrency world, is currently trading at $37,081 and is also a focus of market observation.

This news can analyze the price trend of Dogecoin from the following perspectives:

1. Recent price performance and market trends:
Dogecoin’s recent 35% gain in one month shows strong interest and confidence in the cryptocurrency. A similar situation played out in 2021, when Dogecoin rapidly appreciated in value from a lesser-known cryptocurrency to reach the highs of that year. Such historical performance shows that Dogecoin has the potential to attract market attention and achieve price growth.

2. Active actions of large investors (crypto whales):
Crypto whales invested more than $2 billion in Dogecoin in the last 30 days. This massive capital infusion is typically a strong indicator of market confidence, indicating that these influential investors are bullish on Dogecoin’s future. Historically, when a currency like Bitcoin (BTC) gained traction among institutional investors and high-net-worth individuals in 2020, its price surged, supporting a bullish stance on Dogecoin.

3. Technical analysis and changes in market trends:
Dogecoin’s market movements since late 2022 show a descending channel pattern, according to observations by analyst Rekt Capital. However, since mid-October, there has been a clear shift in market trends, showing bullish signs. This reversal from negative moves, echoing its rapid growth in 2021, shows Dogecoin’s potential to buck market trends and grow in value.

Overall, Dogecoin shows potential growth prospects due to recent solid price gains, large investments from crypto whales, and positive changes in market trends and technicals. These factors jointly point to the possibility that Dogecoin may see a greater increase in value in the future. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.