The price of Dogecoin (DOGE) is now one of the main focuses for a possible price increase. Whales are said to have collected 200 million units of DOGE in the past 48 hours, which has given the community more energy.
Hold strong above $0.36
Dogecoin continues to show promise in its recent price action. The token is now trading at around $0.414, with an intraday high at $0.418 and an intraday low at $0.369. Importantly, the indicator is firmly held above the $0.36 support level. Such price stability creates a good basis for the meme coin to go higher.
In their recent price increases, analysts see that this move could help Dogecoin target prices of $0.40 over the short term. This also shows the strength of money through instability in market conditions.
The increase in whaling activity gives him hope
Whales– that is, the big holders of cryptocurrency – significantly behind the trend seen recently in Dogecoin. About 200 million DOGE collected by the whalers is a major sign of confidence for the fund, and such actions are often preceded by price collection because the whalers generally know the internal market and out.
Whales have 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 think it could push the price of Dogecoin even higher. If this trend continues, some believe that a rally towards $3 is not out of the question.
Bulls Back Technical Indicators
Technical analysis is also positive in the case of Dogecoin. Key indicators such as trading volumes have increased, which strengthens the feeling of optimism. Also, the development of double base pattern – the classic bullish sign – has boosted confidence about the meme token's growth.
Technical indicators such as Chaikin Money Flow and RSI indicate further upside potential as well, depending on DOGE maintaining necessary support levels.
These signs may suggest that Dogecoin may not only maintain its current levels but may break through the major resistance barriers in the near future. Traders and investors are watching these developments closely as they unfold.
Can Dogecoin Hit $3?
Although it is bold, a $3 price target it is not inaccessible. Dogecoin may see significant gains if the bull rally continues and market sentiment improves. Despite the warning, analysts believe that the current trends are positive for long-term growth.
Dogecoin's strong technical figures, market stability, and recent bullish behavior have all combined to create an ideal environment for potential price growth. Regardless of whether it hits $3, Dogecoin shows that it is more than just a meme coin.
Featured image from iC7Zi, chart from TradingView
