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Dogecoin on the Rise: Analyst Anticipates Major Price Surge

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On-Chain Support And Resistance Levels

Cryptocurrency trader and analyst Ali Martinez, known on X as @ali_charts, anticipates a significant price surge for Dogecoin (DOGE). He believes the meme coin could skyrocket by an astounding 200%. This forecast mirrors a similar surge seen in February, fueled by bearish market sentiment surrounding DOGE.

Historical Context And Market Sentiment

In early March, Dogecoin soared to $0.18 following a rise in Bitcoin. This surge occurred slightly more than a month after the American Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs). Martinez notes that the current market sentiment for Dogecoin is similar to that period, indicating a potential for a similar price increase.

Related article: Dogecoin Price Analysis: DOGE Stalls While Meme Coin Rivals Shine; Here’s Why

Adding to this bullish outlook, Dogecoin whales have begun moving substantial amounts of DOGE. Analyst Ali Martinez tweeted that within the last three days, whales accumulated over 700 million Dogecoin, valued at approximately $112 million. This accumulation suggests significant whale interest in the meme coin, potentially signaling a forthcoming price surge.

Related article: Dogecoin Surges Ahead: Is Bitcoin’s Reign Coming to an End?

Massive Transfers Spotted

Furthermore, popular cryptocurrency tracker Whale Alert identified significant Dogecoin transfers. Over the past two days, approximately 1.5 billion DOGE exchanged hands anonymously through four major transactions. Specifically, transfers included 420,696,969 DOGE, 970,000,000 DOGE, and 499,420,696 DOGE. 

Additionally, 90,000,000 DOGE were withdrawn from the Robinhood crypto exchange to an unknown blockchain address. At current prices, these transactions are valued at $251,410,009. Presently, it is trading at $0.15887, reflecting a 2.89% increase after an overnight drop of 4.25%. This recent price movement, coupled with the accumulation of DOGE by whales and significant market sentiment indicators, points to a potential substantial price surge. 

Investors and traders will be closely watching these developments, anticipating a possible 200% increase as predicted by Martinez.

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