The broader crypto market has been bearish over the past few days, with prices plummeting significantly across several assets. Moreover, the flagship crypto asset, Bitcoin, has dropped to the $64,000 threshold, raising questions about a potential recovery.
The meme coin market has been spared in the onslaught, with the forerunner Dogecoin (DOGE) down almost 3% in the last 24 hours and nearly 14% in the last seven days.
Many speculate the recent massive whale selloff may have contributed to Dogecoin’s market condition. However, despite this ongoing bearish momentum, top analysts remain bullish on Dogecoin’s imminent recovery.
So the big question is: Is now the time to buy more Dogecoin tokens? Let’s find out DOGE’s next possible moves.
Big DOGE Holder Reduce Bag; What Does This Mean for DOGE?
On June 18, Whale Alert revealed a transfer of 99,321,007 DOGE worth approximately $12.1 million at current market prices from an unknown wallet to Robinhood.
Some market participants speculate this movement could be a sell transaction. Such a large token dump could negatively impact Dogecoin’s price. However, there are other reasons for such a transfer.
It could be for trading purposes, to take advantage of platform features, or even an internal token shuffle. So, the latest transfer’s impact on Dogecoin’s price remains uncertain.
Trade Tardigrade Predicts Massive Surge for Dogecoin: Could It Hit $7.5?
Meanwhile, in an X post, seasoned market analyst Trader Tardigrade predicted that Dogecoin’s (DOGE) price could surge to $7.5 soon. This prediction has garnered significant attention within the crypto community, especially given Dogecoin’s history of dramatic price movements.
Trader Tardigrade based his optimistic prediction on a triangle pattern, indicating Dogecoin’s consolidation movements over a specified period. The chart shows multiple points where Dogecoin’s price fluctuates within a narrowing range before making a decisive move.
The analyst noted that these triangle consolidations have consistently appeared in every market cycle for Dogecoin. According to Tardigrade, Dogecoin is in the final stage of this pattern and is now on the brink of another major breakout.
In a different X post, the same analyst highlighted another trading chart, “the ladle pattern.” Tardigrade said this pattern has appeared in every cycle of Dogecoin’s price history.
He believes that once the “shaft” forms, Dogecoin’s price could rise significantly, possibly swinging above $2.
These analyses suggest a significant DOGE rally is in the pipeline, and prepared investors could benefit bountifully. Moreover, DOGE’s trading chart below shows bullish signs based on technical indicators.
Dogecoin Price Analysis: Signs of a Potential Rebound Amid Bearish Trend
While DOGE’s market setup is currently bearish, some indicators project positive signals. From the chart below, the MACD is slightly above the signal line, suggesting a weakening bearish momentum and a potential reversal could be on the horizon.
Also, DOGE is consolidating around the $0.121 price level and closely positioned between the Bollinger Bands, near the 20-day Simple Moving Average. If the price breaks out above this consolidation region, it could lead to a significant upward move.
Consolidation around a key moving average often indicates that traders are waiting for a decisive move, which, if positive, could bring strong buying pressure.
Additionally, the Relative Strength Index reading for DOGE is at 41, indicating the coin is approaching the oversold territory. Notably, this area often attracts buyers looking for undervalued coins, and their activities can introduce significant upward pressure, which could push DOGE up.
Furthermore, DOGE has been below a bearish trendline (blue falling line) for weeks but is now attempting to break above it. A successful breakout above this trendline could signal a shift to a bullish market.
This analysis suggests a potential rebound. Therefore, now might be an opportune moment to consider buying more DOGE, as the coin is near a crucial breakout point that could turn the market green.
Dogecoin Alternative: Sealana Gathered $5 Million as Presale Almost Over; Top Choice for Investors?
While Dogecoin’s rally has remained limited this year, new coins like Sealana have emerged as a top choice for investors seeking 10-fold returns. Sealana (SEAL), still in presale, is riding on the frenzy and hype around Solana-based meme coins.
Impressively, Sealana has raised more than $5 million in its presale, which is now a few inches from winding down. This has raised urgency among investors seeking to leverage its low presale price of $0.22 to amass more coins.
Given the massive euphoria around Solana meme coins, many speculate SEAL could mirror the performance of previous Solana-based coins like $WIF, $BONK, and $BOME.
While Sealana lacks definite utility, its fun character and friendly redneck seal nature appeal to meme enthusiasts. So, SEAL could leverage this selling point to soar its price.
The over $5 million raise suggests a considerable demand among investors. Moreover, More than 11,700 people follow Sealana on Twitter, engaging with the project’s funny memes. It also has a significant following on Telegram. With this, Sealana is building a vibrant community that can support its growth.
According to the site, the SEAL team aims to launch the token on Solana-based DEX (Jupiter or Raydium).
Given its ongoing progress, top crypto influencers believe SEAL could be the next big meme coin and could surge 10X once launched. Those willing to participate can visit the official presale website to purchase SEAL tokens using USDT, ETH, BNB, or a bank card.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
