- Dogecoin jumps 18% as whales buy 200M DOGE in two weeks
- Key resistance at $0.21 may push DOGE price toward $0.25
- Elon Musk’s post boosts Dogecoin market interest again
Dogecoin continues to advance as it gained 18% during the last three days while being among the top performing cryptocurrencies within the top 30 market capitalization bracket,The price increase has been driven by growing investor interest, technical indicators signaling a bullish trend, and accumulation by large holders.
Key Resistance and Support Levels for Dogecoin
Dogecoin is currently trading at $0.19 and displays vigorous recovery after market changes. Trading experts observe important price points that show $0.177 being the support level and $0.207 as the resistance threshold. Traders expect the price to rise toward $0.25 once it passes the $0.21 level.
TradingShot provided an analysis indicating that Dogecoin managed to rise above its two-month-long Lower Highs trendline which started its formation on January 18. His market evaluation indicates that DOGE will hit $0.8 under continuous bullish conditions. A technical resistance level continues to be represented by the $0.3 value of the 1-day Moving Average (MA50).
The Glassnode on-chain data reveals Dogecoin supply holds 7% of its total at $0.20 which functions as resistance in price movements. Analysts report that once DOGE surpasses this particular price point it will face minimal supply obstacles until reaching $0.31. A sudden price increase becomes probable because of this unoccupied price territory.
Whale Accumulation and Market Sentiment
An analysis shows that substantial investors acquired more than 200 million DOGE over the last two weeks. The rising investments point toward increasing market beliefs about the asset’s future price appreciation potential.Â
The SuperTrend indicator labels $0.21 as its significant point. Dogecoin might continue its upward climb after maintaining its position above $0.21 on the way to a potential price target at $2. The price movements of Dogecoin according to research by Crypto analyst Trader Tardigrade indicate the asset may drive steadily until it reaches $6.
Dogecoin attracted more attention when Elon Musk posted on social media about the meme coin using animation style from Ghibli. Previous Dogecoin price changes occurred after Musk spoke about it which paved the way for market participation to increase.
