Dogecoin Price Prediction: Is DOGE Set For A $1 Rally After Key Whale Accumulation?
Key Insights:
- Dogecoin whale addresses now hold 25.97 billion DOGE.
- DOGE should break through $0.26 to hit $1 in the upcoming upswing.
- Recently, daily active addresses reached a high of 69K, indicating increasing interest among Dogecoin users.
Dogecoin price has seen a surge and momentum, with various technical signals pointing to a possible move above $1. Analysts believe that strong buying pressure, whale holdings, and long-term chart formation may lead to a sharp upward movement once key price points are surpassed.
Whale Accumulation Signals Strong Support for Dogecoin Price
Recent Dogecoin whale accumulation is giving the strongest indication of an upcoming price increase. Analysis by Ali Martinez showed that whales purchased a total of 1 billion DOGE as of May 15.
Such massive accumulation signals that large investors are preparing for a long-term price increase as they expect the coin to break critical resistance.
Notably, whales’ buying patterns frequently serve as a sign of impending changes in the market. Whales accumulating more DOGE coincided with a market rise, signaling that they anticipate for Dogecoin price rally.
DOGE Key Resistance at $0.26 Critical for $1 Breakout
Interestingly, Dogecoin price may be poised for further increase and reach levels above $1 if the major resistance barrier at $0.26 is broken. Dogecoin has consistently failed to rise above $0.26 since last year.
According to Ali Martinez, the $0.26 level formerly acted as a strong support level but has recently evolved into a resistance zone hindering any significant bullish progress in recent months.
However, a rally above $0.26 could prompt significant short squeezes and advances up to $1. Breaking this level might lead to a price surge, pushing the asset up to $0.30 and leading to additional gains to reach $1.
Bullish Technical Setup Supports $1 Price Target
Furthermore, a long-term ascending trendline, identified by Crypto Anup, has been guiding Dogecoin price movement in recent months.
The trendline formation on the weekly chart indicates that the top memecoin is starting to accumulate the strength to break through its previous price records.
The trendline suggests that a break above current resistance is likely followed by a swift surge toward $1. This is consistent with the recovery seen across many altcoins, which suggests that the market is shaping up for a proper bullish climb.
Remarkably, a long-term trendline in combination with whales accumulating a significant amount of DOGE support further suggests that a major price rise could be imminent. An increase in price above $0.26 may initiate a significant upward movement for Dogecoin.
On-Chain Metrics Confirm Rising Network Demand
Several on-chain metrics suggest that there is a high likelihood that DOGE price could experience a major upswing. The number of daily active addresses on the Dogecoin network reached over 68,795 last month.
The sharp increase in activity on the chain is taking place during a period when Dogecoin is nearing resistance levels, sparking the interest of the crypto community.
Consequently, the number of transactions has grown as whales are said to be making bigger trades directly on Dogecoin. It appears that whales are accumulating Dogecoin, possibly preparing for a major price rally.
Dogecoin’s road to achieving a $1 target seems more likely as the market improves. The upcoming weeks will be significant as traders anticipate whether a trend will develop and monitor competing forces for buying and selling.
In the meantime, at press time, DOGE price was trading at $0.22 while its market capitalization is $33 billion, showing a decline of 0.47% over the previous day.
Trading volume over the last day was $2.05 billion, representing a decline of 3.14% compared to the previous day. The circulating supply of Dogecoin is 149.28 billion tokens, indicating that most of its supply can be exchanged on the market.
