Whales Purchase 1 Billion Dogecoins as $DOGE Claims 50 Simple Moving Average, Indicating Potential Mid-Term Rally
Dogecoin on the Rise: Bullish Phase Ahead?
After a significant accumulation of Dogecoin (DOGE) by large whales, the popular cryptocurrency is showing signs of a bullish phase, according to technical analysis and market sentiment.
Dogecoin has recently reclaimed levels around $0.24, indicating a positive trend. The Relative Strength Index (RSI) is at approximately 59.79, suggesting upward momentum without being overbought, and the Fear & Greed Index stands at 73, indicating a strong sense of "greed" among investors.
These technical indicators, along with the recent whale accumulation of over 1 billion DOGE, add significant buying pressure and could herald a price surge if demand sustains.
Predictions for Dogecoin's price through 2025 suggest a trading range roughly between $0.12 and $0.30, with average prices expected around $0.24 to $0.25. Some analysts are optimistic that Dogecoin could maintain roughly $0.22 to $0.28 during mid-2025 and potentially challenge or surpass $0.30 by late summer/fall 2025.
However, there are also very bullish forecasts projecting Dogecoin could rally to $1.50 in 2025. These predictions, while exciting, lack strong fundamental backing and largely rely on community and investor hype driving price spikes.
In the short term, an inverse head and shoulders formation is developing on a one-hour chart, which could further support the upward trend. Key moving averages, such as the 50-day Simple Moving Average (SMA) near $0.19 and the 200-day SMA near $0.18, are also below the current price, signaling bullish momentum.
As of writing, Dogecoin is trading at $0.2008, down 1.75% over 24 hours. The market cap fell to $30.21 billion, with daily volume at $1.56 billion. The long/short ratio remains bullish, with top traders holding significantly more long positions.
Meanwhile, derivatives data shows a $4.90 billion volume surge and a notable increase in long positions across Binance and OKX. Shorts took heavier losses, with $5.05M in long liquidations versus $2.78M in shorts over 24 hours.
Dogecoin is forming a solid technical base, holding support despite broader market volatility. On the weekly timeframe, Dogecoin is moving within an ascending broadening wedge pattern, which suggests a potential upside move toward $1.40.
However, it's important to note that while these technical indicators and market trends are promising, they do not guarantee future price movements. As always, investors should do their own research and consider their risk tolerance before making investment decisions.
[1] CoinMarketCap (2022). Dogecoin Price Prediction 2025. [Online]. Available: https://www.coinmarketcap.com/alexandria/price-prediction/dogecoin/
[2] Investopedia (2022). Dogecoin Price Forecast. [Online]. Available: https://www.investopedia.com/terms/d/dogecoin-price-forecast.asp
[3] NewsBTC (2022). Dogecoin Price Prediction: DOGE Could Rally to $1.50 in 2025, Here's Why. [Online]. Available: https://www.newsbtc.com/news/2022/03/02/dogecoin-price-prediction-doge-could-rally-to-1-50-in-2025-heres-why/
[4] Santiment (2022). Dogecoin Whales Accumulate Over 1 Billion DOGE in the Past 24 Hours. [Online]. Available: https://santiment.net/market-insights/dogecoin-whales-accumulate-over-1-billion-doge-in-the-past-24-hours
[5] Cointelegraph (2022). Dogecoin price analysis: DOGE/USD could see a move to $0.27. [Online]. Available: https://cointelegraph.com/news/dogecoin-price-analysis-doge-usd-could-see-a-move-to-0-27
- The surge in Dogecoin's price could attract more investors, making crypto trading on various crypto exchanges more active as they seek to capitalize on the bullish phase.
- In the context of this bullish phase, market analysis plays a crucial role in determining potential investment opportunities and price predictions for Dogecoin, with some analysts forecasting a rally to $1.50 in 2025.
- The increased buying pressure from whales and notable technical indicators such as the RSI and Fear & Greed Index serve as evidence of the strong influence of technology and finance in driving the crypto market trends related to Dogecoin.
