Dogecoin Price Down 4%: What Is Going On?

Despite bearish price action, Dogecoin DOGE/USD has seen a significant uptick in whale activity, fueling speculation of an impending bullish phase among traders.

Trader Notes: Javon Marks highlighted historical patterns, suggesting Dogecoin could rise beyond the 1.618 Fibonacci Extension level, as it has in previous cycles. If this scenario repeats, DOGE could surge by 570%, reaching $2.28 or higher.

Crowtrades remains confident, declaring “$1 is a promise.”

Trader Tardigrade, another trader, observed consolidation patterns similar to those preceding Dogecoin's January 2021 pump. He predicts that January 2025 could mark another explosive breakout.

Statistics: Coinglass data shows Dogecoin's short liquidations of $845,000 are the lowest since Oct. 25.

Crypto chart analyst Ali Martinez noted in a post on X on Wednesday that whales purchased 270 million DOGE over the past four days. This raises curiosity among traders if significant whale movement implies an upcoming bull run for the meme coin.

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