Here’s Why the Dogecoin (DOGE) Price Rally is Pre-Programmed to Hit the $1 Milestone!

Dogecoin (DOGE) Price Rally Poised to Hit $1 Milestone

Amidst the growing popularity of memecoins, Dogecoin (DOGE) has been consolidating within a range. While trading volume has declined, the market dynamics suggest an impending shift. The token is nearing the end of its accumulation phase, and whale activity is expected to drive a price surge.

Whale Accumulation and Historical Trends

Historically, whale activity has significantly influenced DOGE's price. Periods of increased accumulation signal a higher likelihood of an upward trend. Recent data indicates that Dogecoin whales have resumed accumulating the token.

The chart above shows the number of addresses holding DOGE between 100 million and 1 billion accumulating over 200 million DOGE since May 30. These addresses currently hold over $31 billion worth of DOGE, suggesting they control a substantial portion of the circulating supply. Despite this, the price has remained stable, indicating potential preparation for a substantial move.

Technical Analysis and Historical Comparison

According to analysts, the current price correction aligns with DOGE's historical pattern before significant bull runs. In 2017 and 2021, the token exhibited similar behavior, breaking out of a descending triangle followed by a retracement and a subsequent rally.

With DOGE having broken above the descending triangle and undergone a 50% retracement, analysts anticipate an impending bull run. Based on previous rallies, the next upswing could potentially push the price beyond the $1 milestone.