Deep-pocketed digital asset investors are gobbling up massive amounts of the leading meme token Dogecoin (DOGE).
Trader Ali Martinez tells his 116,800 followers on the social media platform X that while retail investors are getting distracted by the recently launched Official Trump (TRUMP) memecoin, crypto whales heavily accumulated DOGE to the tune of $640.5 million in just two days.
“While everyone focuses on TRUMP, whales bought 1.83 billion Dogecoin DOGE in [48 hours!]”
At time of writing, DOGE is trading for $0.35.
Looking at TRUMP itself, Martinez predicts that the memecoin will surge above $50 if it takes out the diagonal resistance of a falling wedge pattern.
A falling wedge structure is often viewed as a bullish reversal pattern as it suggests that selling pressure is losing momentum.
“TRUMP seems to be forming a falling wedge on the lower time frames, suggesting a potential consolidation toward the apex before a rebound to $54.”
At time of writing, TRUMP is worth $32.48.
As for the Solana (SOL)-based meme token dogwifhat (WIF), the trader thinks the altcoin is moving inside a large parallel channel – a pattern suggesting that the asset is in a sideways trend as it respects both the support and resistance levels.
With WIF trading close to the pattern’s support level at $1.35, Martinez believes that it’s almost time for the altcoin to spark rallies.
“We could see further consolidation around the channel’s lower boundary before an upswing toward $5!”
At time of writing, WIF is worth $1.37.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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