Dogecoin Whales Buy 160M DOGE: Price Targets 85% Rally to $1

Dogecoin (DOGE) is trading at $0.41, up 2% in the last 24 hours as substantial whale activity fuels optimism for further gains.

Written by: Arslan Butt • Saturday, December 14, 2024 • 2 min read

• Last updated: Saturday, December 14, 2024

Dogecoin (DOGE) is trading at $0.41, up 2% in the last 24 hours as substantial whale activity fuels optimism for further gains.

According to a recent analysis, 160 million DOGE was acquired by large investors within a single day, signaling renewed interest in the cryptocurrency. The influx of whale purchases coincides with Dogecoin’s steady upward trajectory, with analysts predicting potential for an 85% rally toward the much-anticipated $1 milestone.

This surge in activity follows DOGE’s breakout above the critical $0.46 resistance level, which analysts consider a key indicator of bullish momentum. Key price targets include $0.50 and the previous all-time high of $0.7376, reflecting the growing confidence in Dogecoin’s market performance.

DOGE/USD

Technical Indicators Suggest a Bullish Outlook

Dogecoin’s technical indicators highlight the potential for continued upward movement:

MACD Recovery: The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line moving above the signal line. This indicates growing positive momentum.
RSI Trend: The Relative Strength Index (RSI) on the 4-hour chart sits at 47.91, reflecting a neutral trend with potential for a breakout.
Consolidation Phase: Dogecoin’s price consolidation around $0.408 suggests that buyers are gaining control, setting the stage for an upward move.

Double-Bottom Pattern Signals 85% Rally Potential

A double-bottom pattern has emerged on Dogecoin’s chart, often a bullish formation indicating a sustained upward trend. This pattern has solidified around the $0.37 support zone, followed by a surge past $0.46, confirming decreasing selling pressure and increased buyer activity.

If this momentum continues, Dogecoin could see an 85% rally, pushing the price beyond its previous all-time high (ATH) of $0.7376 and approaching the much-speculated $1 mark.

Dogecoin Price Chart - Source: Tradingview — Dogecoin Price Chart – Source: Tradingview

At press time, DOGE was trading at $0.41, with a 24-hour low of $0.4005 and a high of $0.4128. The trading volume, however, has decreased by 27% to $3.52 billion, signaling a temporary slowdown but leaving room for a strong recovery as buying interest grows.

Key Insights:

Whale Accumulation: 160M DOGE purchased in 24 hours boosts sentiment.
Key Resistance: $0.46 breakout sets stage for targets at $0.50 and $0.7376.
Bullish Indicators: Double-bottom pattern and MACD support 85% rally potential.