Dogecoin price, a leading meme cryptocurrency, has seen a strong rise in value, gaining 235% over the past month. This consistent price growth has placed DOGE among today’s top-performing assets. Traders closely monitor its trajectory as Dogecoin’s price edges closer to the $1 mark, generating significant interest across major trading platforms.
Why Dogecoin Price Will Double As it Edges Closer to $1
In November, a post-election rally fueled bullish trends across cryptocurrencies, with many tokens reaching new all-time highs. Bitcoin now trades above $98,000, approaching the $100,000 mark, while Ethereum hovers around $3,300.
This upward momentum has sparked optimism for Dogecoin, currently hovering above $0.4. The Dogecoin price prediction could surge past $1, mirroring XRP’s recent price jump. The bullish wave sweeping the crypto market has strengthened investor confidence in altcoins, driving expectations for further gains.
Over the past 24-hour the DOGE price has surged by 20%, currently at $0.467, indicating a bullish trend. The Relative Strength Index (RSI) registers 76, signaling overbought conditions. The Moving Average Convergence Divergence (MACD) indicates bullish momentum. The MACD line above the signal line. Increasing histogram bars signal growing buying interest.
Dogecoin Price Chart: TradingView
Retail and Whales Accumulate DOGE
Recent data reveals an increase in Dogecoin accumulation among both retail and whale investors. Wallets holding between 1,000 and 10,000 DOGE grew by 1.05%, rising from 1.91 billion to 1.93 billion coins.
Meanwhile, larger wallets holding between 10 million and 100 million DOGE saw a significant 11.26% growth, increasing their holdings from 18.54 billion to 20.63 billion. This accumulation indicates growing confidence in the cryptocurrency across different investor categories.
The sharp rise in whale activity is particularly notable, as it often signals optimism and can influence price momentum. Combined with retail accumulation, this trend suggests a growing demand for DOGE, which may drive future price movements.
If these holding patterns persist, the market could see increased price resilience and potential upward momentum fueled by heightened investor interest.
Source- Santiment
Dogecoin’s strong momentum, driven by bullish indicators and rising accumulation by whales and retail investors, positions it closer to the $1 mark. Sustained buying interest and market optimism could further propel the meme coin in the ongoing crypto rally.
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