Whale Interest Sparks Dogecoin’s Bullish Sentiment, Targeting $0.3

• Whale interest in Dogecoin has increased, boosting confidence and pushing prices higher.
• Technical analysis suggests a potential breakout, with a target price of $0.3.
• Dogecoin’s future relies on maintaining key support levels and the growing institutional interest.

Dogecoin—DOGE, the leading meme coin, is seeing fresh interest despite recent corrections. After peaking at 48 cents in December 2024, Dogecoin entered a downward phase. However, whale investors are fueling a bullish outlook, which could push the price toward $0.3. With Bitcoin showing signs of a breakout, DOGE is expected to follow. Let’s explore how whale activity and technical signals are creating a positive price outlook for Dogecoin.

Dogecoin’s price action hints at future price gains. Despite recent corrections, DOGE has been moving in sync with Bitcoin. This is especially true after Donald Trump’s re-election. Elon Musk’s influence also adds to the price swings. Right now, Dogecoin is in the final stage of an ABC correction, which often sets the stage for a rebound.

In the daily time frame, DOGE has been testing the lower boundary of a bullish pennant. This pattern often signals an upward move when broken. The 200-day moving average is also acting as strong support. Moreover, the daily Relative Strength Index (RSI) shows that DOGE is oversold. All signs suggest that a price jump toward $0.3 could be on the horizon.

Dogecoin’s recent price moves are influenced by whale activity. On-chain data from Santiment shows that whales holding between 10 million and 100 million DOGE coins have accumulated more than 750 million coins in recent weeks. These whales now control over 23 billion coins.

This shows a growing belief in Dogecoin’s potential. Dogecoin Futures Open Interest (OI) has also risen, now at $2.42 billion. This increase reflects growing demand, even during market corrections. With more institutional investors joining the meme coin space, whales continue to drive up the price.

If trends continue, DOGE could be on track to reach $0.3. Watch the market for signs of either a breakout or further corrections. Whale interest and strong technical signals are driving Dogecoin’s bullish sentiment. The recent accumulation by whales has added confidence to the coin’s outlook.

Tags:Altcoin cryptocurrency Dogecoin (DOGE)