Will Dogecoin Price Rally Break $1 as Whales Purchase 160M DOGE?

Dogecoin (DOGE) has witnessed substantial whale activity over the past 24 hours, with large investors purchasing 160 million DOGE. This surge follows a consistent price rally, with Dogecoin achieving a remarkable 350% increase in value over recent years. The heightened demand for the crypto has raised speculation about its potential to reach the $1 mark.

Dogecoin Whales Buy 160M DOGE as Price Eyes $1 Milestone

According to a recent post by Ali Martinez, DOGE whales have acquired 160 million DOGE within 24 hours, boosting market sentiment. This influx of large-scale purchases coincides with Dogecoin price maintaining its upward trajectory, reinforcing optimism for further gains.

The accumulation by DOGE whales comes at a critical juncture as the cryptocurrency broke through the $0.46 resistance level. Analysts view this development as a key indicator of bullish momentum, with potential price targets set at $0.50 and the previous all-time high (ATH) of $0.7376. 

If this trend continues, the Dogecoin price could advance toward the highly anticipated $1 threshold.

Source: Ali Martinez

MACD and RSI Indicators Highlight Bullish Momentum

Technical indicators further support the bullish outlook for Dogecoin price. The Moving Average Convergence Divergence (MACD) shows signs of recovery, with the MACD line crossing above the signal line, indicating a potential bullish momentum. Additionally, the histogram displays reducing bearish strength, hinting at a possible upward move. Dogecoin’s consolidation around $0.408 suggests buyers are gaining control.

Source: TradingView

In addition, the RSI for Dogecoin on the 4-hour chart stands at 47.91, showing a neutral trend. The indicator is slightly below the 50 midline, suggesting a balance between buying and selling pressures. This consolidation phase reflects indecision in the market, with the potential for either a bullish breakout or continued sideways movement

Price Pattern Suggests Potential For an 85% Rally

Recent technical analysis reveals that Dogecoin price is forming a double-bottom pattern, a bullish signal often indicating a sustained upward trend. This pattern emerges when an asset’s price tests a support level twice before rebounding, creating a “W” shape on the chart.

For DOGE, this pattern has solidified around the $0.37 support zone, followed by a surge past $0.46. Such formations signify decreasing selling pressure and increasing buying activity, pointing toward further gains. If the momentum continues, Dogecoin price could see an 85% rally, pushing it past its previous ATH.

At press time, DOGE price was $0.4089, up 0.77% in the past 24 hours, with a market cap of $60.18 billion. Its 24-hour trading volume stands at $3.79 billion, down 30.05%. 

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.