Dogecoin (DOGE) Price Prediction: Will the Meme Coin Reach $1?

Dogecoin has experienced a notable shift in market activity as large investors accumulate substantial amounts of the cryptocurrency.

Large investors, commonly known as whales, have been accumulating significant amounts of Dogecoin (CRYPTO: DOGE) in recent times. In the past 72 hours, whales have purchased over 530 million DOGE, highlighting their renewed confidence in the asset.

The price of Dogecoin is currently trading at $0.2001, up 5.03% in the last 24 hours.

What Happened

Trader Tardigrade, a market analyst, observed that Dogecoin price often tends to revisit its previous local peak following major price movements.

According to the analyst, the cryptocurrency is currently at a key level, which could serve as the foundation for an uptrend.

The analyst suggests that Dogecoin may consolidate at this level before continuing its upward trajectory. Historically, similar price patterns have preceded bullish movements in the market. If this trend repeats, Dogecoin could experience another rally in the coming days.

Javon Marks, a market analyst, pointed out that Dogecoin previously surged by 629% after breaking out of a key resistance level, reaching a high of $0.6533 before encountering a pullback.

According to Marks, the pullback has created conditions for another potential rally. If Dogecoin manages to surpass its previous breakout target, it could experience an additional 211% gain, potentially reaching $1.22. The analyst notes that market trends suggest a breakout could be in progress, leading to further gains.

Analysis From Blockviews

The analysis from Blockviews indicates that Dogecoin price has reached a region of elevated purchase orders, which could potentially boost its market value. The value of Dogecoin dropped by nearly 40% during the last month, falling to reach $0.201.

Despite market downturns, analysts predict a potential rise in the coming days based on market structure analysis. An upward trend seems more likely because a double bottom pattern formed on the four-hour chart. According to Blockviews analysis this price motion tends to predict downward trends before the market moves toward $0.22 for Dogecoin.

Market data reveals that Dogecoin open interest decreased by more than 67% in the recent time period. The large investor community continues purchasing Dogecoin despite recent market changes. The massive acquisition of 530 million DOGE indicates that institutional market participants alongside whales expect a positive direction for Dogecoin.

Market Trend

The trading volume of Dogecoin decreased by 41.84% to $2.88 billion, signaling reduced market activity. In contrast, open interest increased by 4.19% to $1.80 billion, suggesting that traders are still opening new positions.

In the options market, trading volume decreased by 32.43%, while open interest grew significantly by 64.44%, reaching $451,400. This shift indicates a strong interest in speculating on future price movements.

The current long/short ratio is 1.0008, indicating a slight preference for long positions. Among major exchanges, Binance and OKX both show bullish sentiment in their market data. Long positions outnumber short positions by more than three times on Binance, with a ratio of 3.0388, and on OKX, the ratio stands at 3.52.

Data from liquidations demonstrates higher market volatility, with primarily long positions being liquidated. Over the previous day, total liquidation numbers exceeded $5.55 million, out of which $2.33 million resulted from losses on long positions, and $3.22 million on short positions.

Dogecoin derivatives trading maintains its highest levels at Binance and Bybit, which together take the lead in this domain. Bitfinex follows closely in third place. Together, these exchanges concentrate a large portion of the market activity in derivatives trading.