Dogecoin price has been facing challenges in its recovery, with the market showing significant volatility after Bybit’s $1.4 billion hack. More than $566 million was liquidated across the broader crypto market in the past day. Despite the security incident, some altcoins are showing strength and analysts are eyeing the $3 mark for DOGE if key support levels hold. Growing whale activity also adds credence to this outlook. Will DOGE price hit the $3 threshold or dip below $2? Let’s explore.
Is Dogecoin Price Set to Soar to $3 Is Support Holds?
Crypto expert Ali recently shared an X post showing a technical analysis of Dogecoin, highlighting key price levels. According to the analyst, Dogecoin price is hovering inside an ascending parallel channel with a target of $3.
The support zone for DOGE price lies between $0.19 and $0.16, coinciding with the pattern’s lower trend line. If this level holds, investors can expect a recovery rally. While the target of this pattern is $3, there are other key levels where Dogecoin price might pause like – $0.569, the $1 & $2 psychological levels and $2.773.
The ascending parallel channel pattern contains trend lines connecting higher highs and higher lows, suggesting that the asset is experiencing a consistent uptrend, which is a sign of bullish momentum.
If this momentum continues and Dogecoin price holds the aforementioned support levels, investors can expect a bullish reversal
What Lies Ahead of Dogecoin Price?
The latest DOGE price has been fluctuating around $0.24, with a 4% decrease as of February 22, 2025. Despite earlier recoveries, the meme coin has experienced a correction in recent days. Currently, DOGE is testing the lower support level near $0.24, which has seen consistent bounces in the past few days. However, the price faces resistance at $0.3, which has been holding for most of the weeks
The Relative Strength Index (RSI) is currently at 38, indicating that DOGE is approaching oversold conditions. The MACD is also showing signs of weakening momentum with a slightly negative crossover, suggesting possible further downside pressure.
If the price can hold above the support at $0.24, there might be a potential bounce toward the $0.25 resistance. A break above this level could open the path to test the next resistance at $0.30. However, if the support at $0.24 fails, the next downside target could be $0.20.
With the Dogecoin ETF speculation and if the crypto market sees a rebound, the DOGE price could see a massive surge.
Dogecoin Faces Decline Amid Whale Movements
The Dogecoin market has recently experienced a price decline, coinciding with fluctuating DOGE whale activities. The price dropped below $0.25, while whale transaction counts above $100K saw an uptick, nearing 51.454.
The proportion of total stablecoin supply held by whales, exceeding $5 million USD, also mirrored these changes. This market behavior reflects whales are buying dips.
While the increase in whale activity promotes accumulation, stablecoin holdings suggest that investors are cautious.
To sum up, If the Dogecoin price support levels hold steady amid whale activity, the DOGE price could surge toward $3. However, fluctuating market conditions and whale movements introduce uncertainty, with potential dips below $2 still possible.
The post Dogecoin Price Could Hit $3 if Support Levels Holds Amid Whale Activity. appeared first on CoinGape.
CoinGape – Read More