Memecoin faces a potential 1,595% surge or 22% drop as whale buys rising altcoin

Oct 17, 2023 | Analysis, Memecoin News

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Memecoin faces a potential 1,595% surge or 22% drop as whale buys rising altcoin

In the dynamic world of cryptocurrency, Dogecoin (DOGE) and Loom Network (LOOM) have captured the attention of investors and analysts alike due to their recent market activities. While Dogecoin experienced a modest increase, trading at $0.059 with a 2% rise over the week, Loom Network witnessed a more dramatic surge, rocketing by 105% before undergoing a significant correction, dropping 9.57% to trade at $0.34.

“Dogecoin is approaching the apex of this multi-year descending triangle formation. A weekly candle close above $0.0835 could trigger the start of a new DOGE bull run, potentially towards $1. However, we should keep an eye on the $0.0482 support as any sign of weakness around this level could lead to a new annual low”, he informed.”

Insights into DOGE’s Future Prospects Cryptocurrency expert Ali Martinez recently highlighted a potential pivotal moment for DOGE. Analyzing its price action, Martinez identified a descending wedge pattern, suggesting the memecoin could dip as low as $0.046, a 22% decline, as we approach 2024. However, there’s a flip side: if DOGE breaks the resistance at $0.083, it could potentially trigger an astonishing rally, possibly reaching $1 – a staggering 1,595% increase.

LOOM’s Whale Activity Separately, LOOM’s remarkable performance has been linked to notable whale movements. On-chain analytics firm Lookonchain reported a significant accumulation of LOOM tokens by a whale, specifically identified as the South Korean cryptocurrency exchange Upbit, correlating with a 30% token price increase. This entity amassed about $5.83 million in LOOM.

However, the tides swiftly changed. Lookonchain disclosed that the same whale offloaded approximately $17.7 million in LOOM, coinciding with the token’s 60% price ascent. This activity seems to be a classic strategic move by substantial holders known as “whales,” who often significantly impact market sentiments and prices through their large-scale operations.

Other Altcoins on the Radar The cryptocurrency market’s volatility isn’t just confined to these two assets. Another altcoin, which wasn’t specified, has reportedly seen a 140% uptick in its value, drawing analysts’ attention and speculation about an additional 43% growth potential.

As Bitcoin (BTC) also experiences a noteworthy rally, nearing $28,000 with a robust 4% increase, these developments underscore the cryptocurrency market’s unpredictable nature. Investors are advised to exercise due diligence and caution, keeping abreast of market trends and analysis, as the landscape continues to shift, often dramatically.

Please note that the information provided does not constitute financial advice and individuals should consult with a financial advisor before making any investment decisions.

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