Dog's Price Rebound Following Dip; Will It surpass $0.25 Mark?
Dogecoin, the popular meme cryptocurrency, is showing signs of recovery after a recent pullback. According to analysts at BitGuru, the market is showing signs of recovery after the pullback, with Dogecoin currently trading near $0.21.
This recovery is partly due to a surge in large holder purchases, with whales accumulating over 1 billion DOGE worth around $200 million in the past day. This accumulation has nearly doubled their holdings, with large holders now holding about 73 billion DOGE, nearly half of the supply in circulation.
The recent decline found support near $0.18, a level that has acted as a strong support level for Dogecoin in the past. This zone provided a base for a 32% price rebound, with DOGE recently trading above $0.24 and challenging psychological resistance at $0.25, a level which had previously capped gains.
Technical analysis also highlights bullish momentum on shorter time frames, such as rebounds above key exponential moving averages (EMAs) on 4-hour charts, indicating potential for further upside despite nearby resistance zones.
The chart view from Bitcoinsensus suggests a potential breakout for Dogecoin if $0.18 is held. In fact, a golden cross has formed for the first time since November 2024, where the 50-day moving average crossed above the 200-day moving average—a pattern historically correlated with significant price increases in DOGE.
This golden cross, combined with the large whale purchases, indicates substantial buying pressure and institutional interest despite Dogecoin's usual volatility. Whales now control nearly half the circulating supply, which typically raises the likelihood of sustained price momentum.
Analysts vary in their forecasts. Conservative targets following the golden cross pattern expect DOGE between $0.30 and $0.50 in the near term. More optimistic views, considering historic cyclical behavior, envision rallies up to $2.28 or even $1 milestone eventually, leveraging Dogecoin’s historical price cycles and renewed market interest.
However, traders should remain cautious due to meme coin volatility and historical mixed reliability of the golden cross as a standalone signal. Assuming demand remains high, the ongoing recovery could be reinforced, and if $0.18 is held, Dogecoin may reach $0.30 in the short term.
In the past 24 hours, Dogecoin has increased by 3%, and the trading volume for Dogecoin in the past day is estimated at $1.2 billion. The market is waiting to see for how long the current bounce can hold above support, and traders are monitoring potential ETF news that might impact Dogecoin within the next few weeks.
Before the drop, Dogecoin had surged from $0.08 to $0.21, then rallied again to reach $0.25. On the 4-hour chart, Dogecoin has bounced around 29% from the $0.18 level. The activity of large holders may lower the supply of coins available to trade, which could further impact the Dogecoin market positively.
Overall, Dogecoin’s combination of whale accumulation, strong technical support near $0.18, and a golden cross pattern provides a solid technical case for a breakout. However, traders should remain cautious due to meme coin volatility and historical mixed reliability of the golden cross as a standalone signal.
- The surge in large holder purchases, with whales accumulating over 1 billion DOGE, has created substantial buying pressure and institutional interest in Dogecoin, potentially leading to a sustained price momentum.
- The recent recovery in Dogecoin's market is driven by a combination of whale accumulation, technical support at key levels, and a golden cross pattern in the moving averages, which typically indicates significant price increases.
- Technical analysis on shorter time frames shows bullish momentum, such as rebounds above key EMAs, indicating potential for further upside. If large holders continue to accumulate and $0.18 is held, Dogecoin could reach $0.30 in the short term.
