The price of Dogecoin (DOGE) is now one of the main focuses for potential price increases. It is said that whales have collected 200 million units of DOGE in the last 48 hours, further exciting the community.
A strong hold above $0.36
Dogecoin remains promising in its recent price action. The token is now trading at around $0.414, with an intraday high of $0.418 and an intraday low of $0.369. Importantly, the token has held steady above the $0.36 support level. Such price stability creates an excellent foundation for the meme coin to move higher.
In the recent price increases, analysts observe that this trend could help Dogecoin prices of $0.40 over the short period. This also shows the strength of the coin through the volatility of market conditions.
Increasing whale activity fuels optimism
Whales– i.e. large holders of a cryptocurrency – are well behind the recent momentum seen in Dogecoin. The approximately 200 million DOGE collected by the whales is a key confidence indicator for the asset, and such actions often precede a price increase because whales generally know the market inside out.
Whales bought 200 million #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/vYSI3C2cUs
— Ali (@ali_charts) January 16, 2025
This whale buying spree is seen as a bullish signal, and many speculate that it could push the price of Dogecoin even further. If this trend continues, some believe a rally towards $3 is not out of the question.
Technical indicators support the bulls
Technical analysis is also positive in the case of Dogecoin. Key indicators such as trading volumes have soared, reinforcing the optimistic mood. Also the development of a double bottom pattern – the classic bullish sign – has increased confidence in the meme token’s growth.
Technical indicators such as Chaikin Money Flow and RSI also indicate additional upside potential, depending on DOGE maintaining key support levels.
These indicators may indicate that Dogecoin may not only maintain its current levels but also break major resistance barriers in the near future. Traders and investors are watching these developments closely.
Can Dogecoin Reach $3?
Although it is in bold, a Price target of $3 is not unfeasible. Dogecoin could post big gains if whale accumulation continues and market sentiment improves. Despite their caution, analysts believe current trends are positive for long-term growth.
Dogecoin’s strong technical metrics, market tenacity, and recent whale behavior have all combined to create an ideal environment for potential price growth. Regardless of the price being $3, Dogecoin shows that it is more than just a meme coin.
Featured image of iC7Zi, chart from TradingView
