Can Dogecoin Price Catalyze Bullish Reversal as Whales Accumulate $100M DOGE?

Dogecoin price may be on the precipice of a giant pump as on-chain data point to whale accumulation. The bullish DOGE forecast is also based on its technicals, with one top analyst pointing to the formation of a ‘textbook accumulation cylinder.’ The rising social dominance score provides more hints of the upcoming surge.

DOGE price today trades at $0.1770, up by 35% from its April lows, mirroring the performance of other coins.

Dogecoin Price Could Soar as Whale Accumulation Continues

The Dogecoin price may benefit as data shows that whales are doing that. Ali Martinez, a top crypto expert, noted that whales bought about 100 million DOGE coins last week, as they bet that the recovery would gain steam.

Whale buying is often a leading indicator in crypto price analysis, as these investors are perceived as more experienced and sophisticated. In some instances, many coins surge when retail traders notice that whales are actively buying the dip.

Further supporting the bullish Dogecoin price prediction is that its social dominance score, which measures the share of discussions about a coin compared to other top-ten coins,  has crawled back. Santiment data reveals that this score has risen to 2.524%, up from the bottom of 0.9% last month. This gradual improvement could imply a potential surge in the coming weeks as it shows that more users are mentioning it in their discussions. A likely reason is the recent DOGE ETF optimism after Nasdaq sought approval to list 21Shares’ DOGE fund.

DOGE Price Technical Analysis as Analyst Predicts a Giant Pump

Some crypto analysts are backing the positive DOGE price prediction. CryptoBullet pointed to the chart below, which featured the Livermore Accumulation Cylinder, a rare reversal sign. This pattern, characterized by a widening mouth, is marked by higher highs and lower lows.

In his estimation, the coin has now retested the lower side of the channel and is setting up for a strong surge, potentially to over $3. A jump from the current Dogecoin price of $0.788 to $3 would signal a 280% surge from the current level. Such a move is possible as Fartcoin price has jumped by almost 500% from its lowest level this year.

Dogecoin Prediction: Short-Term Outlook

CryptoBullet’s DOGE prediction is based on the weekly chart, meaning that the signal may take a long time to form. Turning to the daily chart below, the coin is coming from a giant falling wedge pattern, a popular reversal sign.

The widest part of this wedge is about 63%. Measuring that price from the breakout point at $0.1595 brings the most viable short-term Dogecoin price target to $0.2625.

No model is accurate in technical analysis. Therefore, in this case, a drop below last month’s low of $0.1300 will be a sign that there are more sellers out there. Such a move will prompt more sell-offs over time and invalidate the bullish DOGE price forecast.