Dogecoin's Parabolic Bull Run and Whale Activity

Since November 4th, Dogecoin, the leading meme coin by market capitalization, has experienced a significant surge of approximately 155.25%. Technical indicators suggest that further growth is possible in the Dogecoin market.

Whale Activity

Dogecoin has recently gained popularity among crypto whales. On November 15th, Crypto expert Ali reported that whales had purchased at least 140 million Dogecoins within 24 hours. Moreover, retail investors have shown growing interest in Dogecoin.

Market Indicators

The Dogecoin price peaked at $0.69011 on May 7, 2021. Currently, it is trading over 77.51% below that peak. Additionally, the MVRV ratio remains at around 42.65%, indicating room for further appreciation.

Price Predictions

Ali has identified a parallel channel pattern in Dogecoin's weekly chart, suggesting a potential rebound to the middle channel of $2.40 or even the upper channel of $18.

Using the Fibonacci retracement indicator, Ali predicts that Dogecoin could reach the range between the retracement levels of 1.618 and 2.272. This equates to prices of $3.95 and $23.26, respectively.

Historical Bull Runs

Highlighting Dogecoin's growth potential, Ali notes that the coin experienced a 9,470% surge during the 2017 bull run and an astonishing 30,700% gain in the 2021 bull run.

Conclusion

Dogecoin's bullish momentum is driven by whale activity, historical trends, and market signals. While price corrections are possible, the overall outlook for Dogecoin remains positive.