Dogecoin (CRYPTO: DOGE) is enjoying more positive price predictions from traders backed by whale transactions.
What Happened: Crypto Daily Trader Signals predicts a violent move for Dogecoin soon:
Crypto trader Kevin predicts a 22% to 39% surge for Dogecoin, suggesting that if Dogecoin completes the inverse head and shoulders pattern by forming the right shoulder and breaking out above the neckline, it could potentially rise to $0.15-$0.17. This would indicate a bullish reversal and a significant price bump.
This pattern is forming at a support level, implying a price level where buying interest is strong enough to prevent the price from falling further.
For the unfamiliar, the inverse head and shoulder pattern consists of a left shoulder (low, followed by peak), head (lower low followed by peak) and right shoulder (low similar to the left shoulder, followed by a breakout).
Also Read: Dogecoin’s 14% ‘Post-Halving’ Rally Continues: Here’s When The Real Breakout Is Coming
Why It Matters: Crypto chart analyst Ali Martinez pointed out that in the past 24 hours, Dogecoin whales purchased more than 60 million DOGE. As investor interest spikes, this sparks bullish sentiment in the meme coin community.
IntoTheBlock data shows large transaction volume increased by 13.06% to cross the $1 billion mark and transactions greater than $100,000 declined from 346 as of July 16 to 254 as of July 17. Exchanges netflows decreased by 270.4%.
U.Today, citing IntoTheBlock data, sees Dogecoin on the edge of the 5.4 billion level of Active Addresses by Profitability.
If it crosses this level, Dogecoin has the potential to become an attractive asset for investors. Wednesday’s Dogecoin short liquidations at $45,000 were the lowest since July 3.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
