Altcoin
Thinking Of Buying Dogecoin Now? Here Is A Breakdown Of The Bullish Developments So Far
Dogecoin has been making waves so far in this bull market. Recently, the meme coin experienced a significant price crash after recording double-digit gains and rallying to new highs earlier this year. Despite the cryptocurrency’s declining momentum, a seasoned crypto analyst has highlighted strategic entry points and potential upside targets for DOGE. The analyst also provided a thorough breakdown of Dogecoin’s bullish developments for investors considering buying the meme coin.
Analyst Shares Dogecoin Bullish Developments And Buy Strategy
In a recent X (formerly Twitter) post on February 4, crypto analyst Anbessa shared a technical analysis of Dogecoin’s price movements and bullish developments. The analyst disclosed that he had entered the market at an early stage of $0.09, possibly due to conviction in its potential and for the attractive meme culture. He claimed it was the best entry point, as he had caught a local bottom.
Following the $0.09 entry, the asset experienced a bullish breakout, surging 5X and skyrocketing to key resistance at the 0.786 Fibonacci level. This key level is typically used to identify potential price reversal zones; however, in this case, it marked the beginning of a “throwback” move for Dogecoin.
After its sharp 5X rally, Dogecoin’s present price action has entered a throwback phase. This means that its price is now correcting to retest previous support levels. According to the data from CoinMarketCap, DOGE plummeted by a staggering 20.1% in the last seven days. This massive price correction marks one of the highest in 2025. Moreover, Dogecoin’s value plunged over 30% over the past month.
Presenting a price chart, Anbessa has pinpointed the $0.26 price point as a critical area where Dogecoin could find potential support before continuing its upward momentum. Interestingly, this key support level also aligns with Dogecoin’s Ascending Channel resistance, which the trader predicts a retest may occur.
Sharing a bullish outlook for the meme coin, Anbessa disclosed that DOGE/BTC is currently retesting a breakout from a long-term Falling Wedge pattern on the High Time Frame (HTF). This pattern is typically seen as a historically bullish structure, signaling a potential price reversal to the upside.
Anbessa has predicted that if this Falling Wedge breakout retest holds, a bullish continuation rally is expected, potentially leading to a new all-time high for Dogecoin. The analyst has set his DOGE ATH target above the 1.00 Fibonacci level at $0.77. He also noted that bullish catalysts like Elon Musk’s tweets about DOGE have zero effect on the meme coin’s price action at this current market stage.
Is Now A Good Time To Buy DOGE?
Based on Anbessa’s analysis, Dogecoin’s recent price action aligns with classic bullish patterns, suggesting that its current pullback to the $0.26 level could be a buying opportunity. If support holds, the analyst expects DOGE to experience another leg up, potentially reaching a new ATH.
However, the market remains volatile as ever, and investors should recognize that most predictions are purely speculative. As such, price movements from unstable assets like Dogecoin can be unpredictable, driven by hype, social media trends, public sentiment, and sudden market changes.
Featured image from Adobe Stock, chart from Tradingview.com
Meme coin whales nabbed significant market attention amid the recent turbulent landscape, heavily purchasing Pepe coin (PEPE) and Dogwifhat (WIF). On-chain data on Thursday revealed that roughly $16 million worth of the abovementioned tokens were bought from the cryptocurrency exchange behemoth Binance. As an upshot, crypto market enthusiasts anticipate a bullish movement for these meme tokens ahead.
Meme Coin Whales Sack 375B PEPE & 15M WIF Tokens Sparking Optimism
According to data by Spotonchain on X, meme coin whales scooped massive amounts of the two tokens from Binance on February 5. Data revealed that the whale 0xf37 bagged 375.35 billion PEPE, worth $3.73 million, from the mentioned crypto exchange giant on Thursday.
Further, the whale 4x3M8 bought 9 million WIF, worth $7.42 million, from the same exchange within the same period. Also, the whale address A3kTT woke up after 2 years of dormancy to purchase $5.19 million worth of the dog-themed meme token. Altogether, the heavy buying by large-scale investors added a bullish tint to the asset’s future price movements, with usual market sentiments conveying that gains are imminent.
Buy-The-Dip Opportunity?
Meanwhile, it’s noteworthy that the crypto market has seen remarkable volatility recently, with this month proving to be ‘not so good’ for investors. Bitcoin price has lost nearly 6% of its value since January end to date, with altcoins mainly following the waning action with more heat.
Dogwifhat, while already in a price slump, witnessed a further 29% drop from January end to date. Following a very similar movement, even Pepe Coin lost nearly 26% in the same period. However, the massive accumulations by meme coin whales amid this slump flags a potential buy-the-dip strategy, signaling price gains, and thus recovery is imminent.
How Are The Meme Coins Performing Amid Rising Whale Activity
At the time of reporting, PEPE price witnessed an uptick of nearly 1.5% and exchanged hands at $0.00001035. The coin’s intraday bottom and peak were $0.000009783 and $0.00001044, respectively. While the coin jumps alongside heightened buying, it’s noteworthy that renowned market experts are also projecting bullishness on future movements.
Notably, market enthusiast ‘SlumDOGE Millionaire’ recently revealed that he sold all his ETH holdings, thereby going “all in” on the frog-themed meme token. This accumulation, worth nearly 1 billion coins, has garnered additional market optimism surrounding the asset in light of the heightened buying by meme coin whales. Further, renowned crypto enthusiast Jake Gagain also took to X, revealing that the token is going to pump the “hardest in 2025.” Altogether, these developments project immense bullishness on the crypto’s future price action.
On the other hand, WIF price tanked roughly 2% intraday despite the massive accumulation and is trading at $0.8099. Its 24-hour low and high were $0.7741 and $0.8505, respectively. Nevertheless, renowned trader ‘The Cryptomist,’ took to X, revealing that the “First target is $1.10” if the token breaks out from the given below ascending triangle. Traders and investors continue to monitor the coin extensively, remaining optimistic about price movements ahead due to burgeoning accumulations.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto prices today mainly continued showcasing a sluggish performance, reverberating investor uncertainty globally. Bitcoin (BTC) price faced market turbulence and stood at $97K, whereas ETH managed to trade in the green territory. Besides, XRP and Solana faced hurdles, with their intraday trading session primarily in the red zone.
However, FTX Token (FTT) emerged as the leading gainer on Thursday, defying the broader market trend. Notably, the coin rises in tandem with the FTX exchange’s Bahamas creditor reimbursement plan looming for February 18.
Here’s a brief report on some of the most trending coins’ prices on Thursday.
Crypto Prices Today: BTC, XRP, & SOL Turbulent But ETH Rises
It’s worth noting that the global crypto market cap was down 0.71% from yesterday, reaching $3.19 trillion as of press time. Further, the total market volume also witnessed a 36.88% decline to $122.2 billion. When coupled with the intraday price movements, these stats indicate that traders and investors are currently cautious.
Bitcoin Price At $97K
BTC price witnessed a nearly 1% drop in value over the past 24 hours, reaching $97,409. The flagship coin’s intraday low and high were $96,174.83 and $99,113.21, respectively. Bitcoin futures OI slipped marginally by 0.2% intraday and is currently at $58.92 billion. Besides, BTC recorded liquidations worth $35.79 million in the past 24 hours, per Coinglass data.
Despite the waning movement, the coin’s long-term prospects glimmer with optimism as institutional interest in the asset continues to rise. MicroStrategy recently rebranded itself into Strategy whilst also revealing Q4 2024 earnings. This saga garnered significant attention to BTC, as the rebranded logo contains Bitcoin’s symbol. Also, the firm grew substantially in Q4 2024, completing $20 billion of its $42 billion capital plan in the wake of Bitcoin adoption.
Ethereum Price Jumps 3% Defying Broader Crypto Market Trend
Meanwhile, ETH price witnessed an uptick of 3% in the past 24 hours and is currently trading at $2,808. The coin’s intraday low and high were $2,710.52 and $2,824.40, respectively. Ethereum rises despite $39.76 million worth of liquidations witnessed in the past 24 hours. CoinGape reported that ETH OI spiked notably, with the latest Coinglass data indicating a jump of nearly 4% in the futures OI over the past 24 hours, reaching $24.44 billion.
XRP Price Slips 3%
XRP price lost 3% of its value over the past day and is currently sitting at $2.42. The coin’s 24-hour low and high were $2.36 and $2.57, respectively. Notably, the Ripple Labs-backed asset’s futures OI slipped by nearly 1.5% and is at $3.62 billion.
Solana Price Follows
SOL price also tanked by 3% intraday, reaching $200. The crypto’s 24-hour bottom and peak were $195.39 and $207.59, respectively. The coin currently mirrors the broader cryptocurrency market trend, showcasing volatility.
Meme Crypto Prices Today
Dogecoin (DOGE) price fell by nearly 2% in the past 24 hours and is trading at $0.26. Shiba Inu (SHIB) price followed, waning 0.5% to $0.00001586. However, it’s worth mentioning that the TRUMP coin defied the trend and jumped nearly 5% to reach $18.57.
Top Crypto Gainer Prices Today
FTX Token (FTT)
Price: $2.13
24-Hour Gains: +8%
Monero (XMR)
Price: $232.91
24-Hour Gains: +4%
Ethereum Name Service (ENS)
Price: $27.71
24-Hour Gains: +4%
Top Crypto Loser Prices Today
Pudgy Penguins (PENGU)
Price: $0.01178
24-Hour Loss: -13%
Raydium (RAY)
Price: $5.48
24-Hour Loss: -9%
Ethena (ENA)
Price: $0.5438
24-Hour Loss: -8%
Simultaneously, in light of the current turbulent performance, renowned crypto market analyst Ali Martinez revealed that the signs of the Altcoins season commencing haven’t prevailed in the market yet. According to him, “Capital continues to flow out of BTC & ETH into stablecoins,” negtively impacting market dynamics.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin’s dominance over the entire market has continued to increase steadily over the past few weeks, even as many Bitcoin and many other cryptocurrencies started the week on a negative note. According to data from CoinMarketCap, Bitcoin’s dominance is now at 60.4%, its highest level since the 2021 bull market.
This increasing Bitcoin dominance has intensified talks as to whether an altcoin season is imminent or indefinitely paused. According to popular crypto analyst Benjamin Cowen, Bitcoin’s dominance might continue for now until the current trend of new meme coin launches comes to an end.
Bitcoin Dominance Signals A Long-Term Shift
According to crypto analyst Benjamin Cowen, the reality is that altcoins have been steadily losing value against Bitcoin since 2021, despite occasional short-lived rallies. His perspective, based on the OTHERS/BTC chart, suggests that investors anticipating an explosive altcoin resurgence may need to wait longer.
Bitcoin’s increasing dominance over the broader cryptocurrency market has raised questions about when the Bitcoin gains will eventually roll over into the alt market like in the previous bull cycles. Cowen highlights that the OTHERS/BTC ratio, which measures the market capitalization of all cryptocurrencies outside the top ten against Bitcoin, has been in a continuous downtrend for nearly three years.
As of now, the OTHERS/BTC ratio is at a new low this week since the 2021 bull market. This downfall reinforces the idea that alts have consistently lost ground relative to Bitcoin despite temporary spikes from time to time among a few altcoins.
Interestingly, Cowen noted this trend of temporary spikes among a few altcoins as one of the reasons why Bitcoin’s dominance is on the rise. A significant portion of the altcoin market is constantly pushed by hype cycles, with new meme coins showing up to briefly outperform Bitcoin before eventually collapsing. Cowen believes that many investors misinterpret these short-lived pumps as signs of an altcoin resurgence but ignore the broader trend of capital flowing back into Bitcoin.
Will Altcoins Recover? The Key Market Indicators To Watch
The steady decline of OTHERS/BTC shows how capital is consistently flowing away from altcoins, reinforcing Bitcoin’s strength as the dominant crypto, especially among institutional investors. However, many alt advocates continue to anticipate a resurgence.
On the other hand, Cowen noted quantitative tightening (QT) as the key historical factor that determines when the altcoin season will eventually roll into action. During the previous bull market, the end of quantitative tightening marked a turning point for alts, allowing them to regain momentum against Bitcoin. However, since QT remains in effect, he argues that the conditions necessary for an altcoin comeback have not yet materialized. As such, the alt season may be paused indefinitely.
At the time of writing, Bitcoin is trading at $97,900.
Featured image from iStock, chart from Tradingview.com
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