Entrenched digital asset investors are gobbling up huge amounts of the leading meme token Dogecoin (DOGE).
Trader Ali Martinez tells his 116,800 followers on social media platform 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 [48 hours!]”
At the time of writing, DOGE is trading at $0.35.
Looking at TRUMP himself, Martinez predicts that the memecoin will rise above $50 if it clears the diagonal resistance of a falling wedge pattern.
A falling wedge structure is often viewed as a bullish reversal pattern because it indicates that selling pressure is losing momentum.
“TRUMP appears to be forming a bearish wedge on the lower timeframes, indicating a potential consolidation towards the top before a recovery to $54.”
At the time of writing, TRUMP is worth $32.48.
As for the Solana (SOL)-based meme token dogwifhat (WIF), the trader believes the altcoin is moving within a large parallel channel – a pattern that suggests the asset is in a sideways trend as it crosses both the support and respects the resistance levels.
With WIF trading close to the pattern support level at $1.35, Martinez believes it is almost time for the altcoin to trigger rallies.
“We could see further consolidation around the lower limit of the channel before a surge towards $5!”
At the time of writing, WIF is worth $1.37.
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Generated image: Midjourney