Dogecoin (DOGE) Price Prediction: Can DOGE Surpass Key Resistance Levels and Trigger a Massive Rally?

With large-scale accumulation by whales, bullish technical indicators, and shifting market sentiment, DOGE appears to be at a crucial turning point.

Dogecoin (CRYPTO: DOGE) appears to be at a crucial turning point with large-scale accumulation by whales, bullish technical indicators, and shifting market sentiment.

What Happened: One of the key drivers behind DOGE’s recent surge is the notable accumulation by large investors. Reports by crypto market tracker, Ali Martinez, indicate that whales acquired over 220 million DOGE in March 2024.

This level of activity signals strong buying pressure on the cryptocurrency, which is up 7.3% in the last 24 hours and trades at around $0.174.

🚨 HUGE Accumulation:

March saw a staggering level of Dogecoin $DOGE accumulation by whales with over 220M $DOGE bought in the last 24hrs.

This massive buying spree is evident in the chart below. pic.twitter.com/3o8x4y8n77

— Ali Martinez (@ali_m__3) March 28, 2024

As Countertops notes, DOGE recently broke out of a falling wedge pattern—a classically bullish technical pattern—which has some speculating that we could see some serious upward action.

Crypto analyst Javon Marks also noted that DOGE is building a pattern of higher lows, which is usually the harbinger of strong rallies. Based on this trend, he predicted a possible 270% price increase, which would make the price of Dogecoin reach around $0.6533.

Higher lows = upcoming massive rally

Dogecoin is setting up for some serious action.

It's forming a pattern of higher lows, usually signals a strong rally to new highs.

With a target of $0.6533, $DOGE could be gearing up for a 270% rally to break above this level. pic.twitter.com/3qW2q7t85b

— Javon Marks (@JMarksCrypto) April 10, 2024

The Relative Strength Index (RSI) also crossed into positive territory, showing renewed buying strength. If Bitcoin (CRYPTO: BTC) persists in staying above, DOGE can look up to the $0.22–$0.25 region in the upcoming weeks.

Key Resistance Levels: Awaiting Breakout

Analyst Martinez has identified crucial resistance levels at $0.18 and $0.21, where a significant portion of DOGE supply was last transchained. These price points are likely to pose challenges to the cryptocurrency’s ascent.

Breaking through these areas of resistance can serve as a catalyst for the next phase of the bull run, setting the stage for a more sustained move higher.

Breaking these resistance levels could unleash a strong upward movement for Dogecoin, as there are no major supply barriers ahead.

If it slices through $0.21, it could pave the way for a rush toward $0.36 and beyond.

After March's remarkable accumulation of over 220M $DOGE by whales, there's an indication of continued buying activity by these large investors.suggesting that the bullish pressure on Dogecoin is far from over.

It's important to note that breaking these resistance levels will be crucial for the continuation of the bullish trend.

If these resistance levels hold, we might see a temporary reversal in the bullish momentum, and Dogecoin could experience a correction to lower levels.

The coming weeks will be pivotal in determining the fate of Dogecoin as it attempts to break through key resistance zones and sustain its bullish rally.

It remains to be seen whether Dogecoin can capitalize on the positive technical indicators and bullish market sentiment to reach even higher price targets in the upcoming months.

Those interested in learning more about the cryptocurrency market can do so through Benzinga's cryptocurrency coverage. Benzinga also has a variety of other investing topics, such as real estate, banking, and cannabis.

Photo by Dmitry Urkunov via Unsplash