The price of Dogecoin (DOGE) is now one of the main centers for potential price growth. The whales are said to have ingested 200 million units of DOGE in the past 48 hours, further encouraging the community.
A strong hold above $0.36
Dogecoin Continues to show promise in its recent price action. The token is now trading at around $0.414, with an intraday high of $0.418 and an intraday low of $0.369. Importantly, the token held firm above the $0.36 support level. Such price stability makes a good foundation to raise the meme coin.
In its recent price increase, analysts see this trend as helping Dogecoin with a short-term price target of $0.40. It also reflects currency strength through volatility in market conditions.
Increasing whale activity raises optimism
the whale—that is, large holders of a cryptocurrency—are well behind the recent momentum seen in Dogecoin. The nearly 200 million DOGE raised by whales is a major confidence indicator for the asset, and such actions often precede a price rally because whales usually know the market in and out.
Whale has purchased 200 million #Dogecoin $DOGE In the last 48 hours! pic.twitter.com/vYSI3C2cUs
— Ali (@ali_charts) January 16, 2025
This whale buying spree is seen as a bullish sign, and many are speculating that it could push Dogecoin’s price even higher. If this trend continues, some believe a rally towards $3 is not out of the question.
Technical indicators leave the bulls behind
Technical analysis is also positive in the case of Dogecoin. Key indicators such as trading volumes have increased, which boosts the optimistic mood. Also, the development of a Double-bottom pattern – classic bullish sign – has boosted confidence in the rise of Meme Token.
Technical indicators such as Checkin Money Flow and RSI also indicate additional upside potential, depending on DOGE sustaining essential support levels.
These indicators may suggest that Dogecoin may not only maintain its current levels but break major resistance barriers in the near future. Traders and investors are watching these developments closely as they come.
Can Dogecoin Hit $3?
Although it is bold, A $3 price target Not available. Dogecoin could see big gains if the whale rally continues and market sentiment improves. Despite their caution, analysts believe current trends are positive for long-term growth.
Dogecoin’s strong technical data, market strength, and recent whale behavior have created an ideal environment for potential price growth. Even if it hits $3, Dogecoin is showing that it is just a meme coin.
Featured images from iC7Zi, charts from TradingView
