Is Dogecoin Mooning? Whales Scoop 200M DOGE—$3 Next?

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MARKETS TREND

In the last 48 hours DOGE whales have accumulated 200 million coins. Whale activity is often a leading indicator of price moves so this is a good sign for DOGE.

Analyst like, Ali Martinez, thinks this is a precursor to a price pump with a target of $3 for Dogecoin.

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DOGE is holding above the $0.36 resistance. If this trend continues analysts think we’ll see $0.40 or higher with growing whale interest and overall demand.

Dogecoin’s Path to $3: Key Resistance Levels

To continue the bullish trend DOGE needs to break through several resistance levels starting with $0.40. If it can get above this it could open up to $0.45 with long leveraged positions and increasing volume.

 

DOGE/USD

But if it can’t hold above $0.36 we could see profit taking and leveraged positions being liquidated and price corrections. Despite the risks, historical trends are pointing to a big breakout for Dogecoin like we saw in January 2021.

Key resistance levels to watch for DOGE:

  • $0.36 – Critical support level

  • $0.40 – First major resistance

  • $0.45 – Potential breakout target

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

Bullish Sentiment Backed by Market Recovery

The overall cryptocurrency market is recovering and that’s boosting Dogecoin sentiment. Daily volume is up 18% and above $4 billion. Retail and institutional investors are buying. Chaikin Money Flow and RSI are also looking good if DOGE can hold support.

DOGE is currently at $0.3769 up 17% in the last 7 days. Market cap is $55.64 billion and 24 hour volume is $4.19 billion up 7%. This is getting more and more bullish with the event coming up on January 20 and meme coin momentum.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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