Deep-pocketed digital asset investors are gobbling up leading meme token Dogecoin (DOGE) in huge quantities.
Trader Ali Martinez told his 116,800 followers on social media platform He said he had accumulated a huge amount of DOGE.
“While everyone was focused on TRUMP, whales bought 1.83 billion Dogecoin DOGE in just (48 hours!).”
As of this writing, DOGE is trading at $0.35.
Looking at TRUMP itself, Martinez predicts that the memecoin will surge above $50 once it clears the diagonal resistance of the falling wedge pattern.
A falling wedge structure is often considered a bullish reversal pattern as it suggests selling pressure is losing momentum.
“TRUMP appears to be forming a descending wedge on the lower time frame, suggesting a potential consolidation towards the peak before a bounce to $54.”
As of this writing, TRUMP is worth $32.48.
In the case of Solana (SOL)-based meme token dogwifhat (WIF), traders believe the altcoin is moving inside a massively parallel channel. This is a pattern that suggests that the asset is in a sideways trend, taking into account both support and resistance levels.
With WIF trading closer to the pattern’s support level of $1.35, Martinez believes the time has almost come for the altcoin to trigger a rally.
“We could see further consolidation around the lower limit of the channel before rising towards $5!”
As of this writing, WIF is worth $1.37.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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