The latest price action indicates that the crypto markets are preparing for a strong bullish action in the coming days as the market dynamics are about to flip soon. The Bitcoin price made a huge move before the previous day’s close and circulated bullish waves across the markets. In the meantime, the top memecoin, Dogecoin, which maintained a lowered pace till now, is about to demonstrate a massive upswing very soon.
In a recent update, Tesla moved all 11,509 BTC to 7 new wallets after 2 years of dormancy. Although it appears to be another internal transfer, the traders seem to have smelt a bullish possibility. The DOGE price triggered a strong rebound from the interim lows at around $0.105 and is heading to test the September highs above $0.127. The token has displayed huge strength and hence is rising in the times when the other memecoins are stuck under extreme bearish influence.
What’s next? Will the DOGE price maintain a consolidated ascending trend as the volume soared heavily in the past 24 hours?
A popular crypto analyst, ALI, projects the next price action for the Dogecoin price rally, which appears to have reached the lower support of the multi-year channel. Therefore, the price is expected to consolidate along the support of the channel, which may lead to a healthy ascending trend, which could elevate the levels beyond the $1 milestone. However, the chart suggests it could be the start, as the real target could be a two-digit figure.
Recently, data revealed that Dogecoin has the highest number of short-term holders. It suggests that the traders are still not sure of the long-term price action and hence may take out minor profits, which could be not in favour of a consolidated ascending trend. Therefore, the possibility of bearish interference may not be eliminated, as the bulls do not appear to be strong enough for a sustained upswing.
