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Top 3 Reasons to be Bullish on Dogecoin (DOGE) Price

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2 months ago

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Dogecoin (DOGE) price, a popular meme-based cryptocurrency, is attracting attention as it shows signs of a potential bullish flag pattern. Despite market corrections, Dogecoin’s performance remains promising, signaling potential gains ahead. Crypto enthusiasts anticipate a strong rally for Dogecoin during the 2025 bull market. Here are three compelling reasons driving optimism for Dogecoin’s price trajectory.

3 Bullish Signals Pointing to Dogecoin (DOGE) Price Gaining Soon

Analyst Observes Bullish Signals for Dogecoin Amid Whale Accumulation and Market Metrics. Dogecoin’s market activity has shown promising signs as analysts highlight three bullish indicators driving optimism. Whales have reportedly accumulated 170 million Dogecoin price, signaling confidence in the cryptocurrency’s future prospects.

Recent data reveals a surge in large transactions exceeding $100,000, particularly during a market dip. This pattern indicates strategic accumulation by investors aiming to capitalize on lower prices.

Whale Activity Points to Confidence in Dogecoin Price

According to blockchain metrics, a sharp increase in whale activity is evident, with significant DOGE movements observed in the past week. Analysts emphasize that these transactions often precede price recoveries, showcasing strong interest from high-net-worth investors.

Charts show notable accumulation by wallets holding between 1 million and 10 million DOGE. This consistent accumulation trend suggests whales are confident about potential market upside.

Top 3 Reasons to be Bullish on Dogecoin (DOGE) PriceTop 3 Reasons to be Bullish on Dogecoin (DOGE) Price
Source: Santiment

MVRV Ratio Signals “Opportunity Zone” for Investors

Dogecoin’s 30-day Market Value to Realized Value (MVRV) ratio has entered what analysts describe as an “Opportunity Zone.” Historically, this zone reflects periods of underbought conditions, indicating that short-term holders are capitulating.

The current MVRV reading highlights a favorable entry point for new investors, reducing the risk of overvaluation. Analysts believe this metric further supports bullish sentiment for Dogecoin in the near term.

Top 3 Reasons to be Bullish on Dogecoin (DOGE) PriceTop 3 Reasons to be Bullish on Dogecoin (DOGE) Price
Source- Santiment

Supply Metrics Indicate Reduced Selling Pressure

Supply on exchanges has declined, indicating reduced selling pressure from traders. Lower exchange balances often correlate with a rise in long-term holding behavior, bolstering market stability.

Charts reveal a consistent reduction in exchange supply alongside the accumulation activity, reinforcing the notion of a bullish outlook. Analysts are closely monitoring this trend for potential price gains.

Top 3 Reasons to be Bullish on Dogecoin (DOGE) PriceTop 3 Reasons to be Bullish on Dogecoin (DOGE) Price
Source- Santiment

DOGE Technical Analysis

At the time of writing, the DOGE price is trading near $0.3340, showing mild bearish momentum. Dogecoin price has remained within a narrow consolidation range between $0.30 and $0.35. The Relative Strength Index (RSI) currently reads 44.21, hovering in the neutral zone. 

​​Dogecoin price prediction faces immediate resistance at $0.35, which aligns with recent failed attempts to sustain upward momentum. Breaking this level could pave the way toward $0.50, a key psychological target. Beyond this, the next major resistance lies at $0.7376, reflecting a historical pivot point from previous market cycles.

On the downside, $0.30 acts as a significant support level, helping to limit selling pressure. If bears breach this zone, the meme coin could revisit lower price levels, potentially retesting $0.20.

Top 3 Reasons to be Bullish on Dogecoin (DOGE) PriceTop 3 Reasons to be Bullish on Dogecoin (DOGE) Price
Source: TradingView

Dogecoin’s bullish signals, including whale accumulation, favorable MVRV ratios, and reduced exchange supply, indicate promising price action. Analysts remain optimistic about its future performance, with key resistance and support levels shaping its trajectory in the upcoming market cycles.

Frequently Asked Questions (FAQs)

Whales accumulating DOGE signals confidence and potential price recovery.

It shows DOGE is in an “Opportunity Zone,” signaling underbought conditions.

Dogecoin faces immediate resistance at $0.35, with potential targets at $0.50.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Dogecoin Price Soar 200% As DOGE ETF Approval Odds Hit 75%?

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4 weeks ago

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February 23, 2025

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Dogecoin price has been gaining attention as analysts predict a potential surge of 200% amid growing speculation about a Dogecoin ETF approval. Market participants are closely watching price movements, with many expecting DOGE to surpass its all-time high of $0.739.

As the U.S. Securities and Exchange Commission (SEC) reviews multiple applications for a Dogecoin ETF, traders and investors are anticipating a major rally.

Dogecoin ETF Filings and Market Expectations

Grayscale Investments, CoinShares, and WisdomTree have submitted applications for a Dogecoin ETF, aiming to provide investors with regulated exposure to the cryptocurrency. The SEC has acknowledged Grayscale’s filing, signaling the beginning of a formal review process.

If approved, the ETF could attract institutional investors, potentially driving up Dogecoin price.

Regulatory sentiment toward cryptocurrencies appears to be shifting, especially under the current administration. Recently, the SEC dropped its lawsuit against Coinbase, reflecting a more crypto-friendly stance. This change has fueled optimism regarding the approval of new crypto investment products, including altcoin ETFs like XRP, Litecoin, Hedera and a Dogecoin ETF. Consequently, analysts suggest that if an ETF receives approval, Dogecoin price could see a substantial increase.

Technical Indicators Suggest a Bullish Outlook

Chart analysis indicates that Dogecoin price may be preparing for a breakout. A falling wedge pattern has formed on the four-hour chart, and DOGE has broken out of this formation. This pattern is typically seen as a bullish signal, suggesting further price gains.

Key indicators also point toward potential upside movement. The Average Directional Index (ADX) stands at 27.95, indicating that a trend is forming. Meanwhile, the Relative Strength Index (RSI) has risen to 43.67, recovering from oversold conditions. If RSI crosses above 50, it could confirm bullish momentum for Dogecoin price.

DOGE/USD 4hr price chart (TradingView)DOGE/USD 4hr price chart (TradingView)
DOGE/USD 4hr price chart (TradingView)

Traders are watching key support and resistance levels. The support level is around $0.23, while resistance sits at $0.26 and $0.30. A move above these levels could signal further gains for Dogecoin price.

Analysts Predict DOGE Price Could Reach $3 to $5

Several analysts like Javon Marks are forecasting major price increases for Dogecoin in the current market cycle. Concurrently, Basic Trading has identified $0.2, $0.5, and $5 as key price levels, noting that Dogecoin price is in an upward trend despite recent corrections. The analyst pointed out that DOGE has followed a historical pattern of large percentage gains in previous bull cycles.

Crypto analyst Ali Martinez has also projected a bullish scenario for Dogecoin price. He highlighted that if the support range between $0.16 and $0.19 holds, DOGE could rally to $3. Similarly, analyst Trader Tardigrade stated that Dogecoin’s macro chart is showing a similar pattern to the 2017 cycle, which could result in a surge toward $1.7.

Other analysts have set even higher price targets. Dima Potts suggested that Dogecoin price could reach $10 if it mirrors past bull market trends. Some traders believe that DOGE’s historical price movements indicate a strong possibility of surpassing previous all-time highs.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Reasons Why Bitcoin, ETH, XRP, DOGE, SHIB Are Falling

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2 months ago

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January 23, 2025

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The crypto market witnessed a selloff as bullish sentiment regarding Donald Trump’s inauguration faded. The global market cap tumbled over 3% to $3.52 trillion, with trading volume tanking 25% over the last 24 hours. The top crypto Bitcoin fell more than 3% to $102K as trading volume declined three-fold today as compared to Trump’s inauguration on Monday.

Ethereum price also fell 3%, continuing the weak sentiment seen last week. Meanwhile, XRP, Solana and other top altcoins mainly saw a 2-5% drop in the last 24 hours. Meme coin Dogecoin and Shiba Inu tumbled amid selloff by whales.

4 Reasons Why Bitcoin, Ethereum, and Altcoins Tumbled

1. Market Sentiments and Liquidations Triggered Crypto Market Selloff

Coinglass data revealed $250 million in crypto liquidations, with $153 million in liquidations occurring in the last 12 hours. Over 107K traders were liquidated in the past 24 hours, with the largest single liquidation order of BTCUSDT valued at $5.93 million on crypto exchange OKX.

BTC, SOL, ETH, DOGE, TRUMP, and XRP saw massive liquidations, which triggered selloff in the broader crypto market.

crypto market selloffcrypto market selloff
Source: Coinglass

The crypto market selloff was triggered as Trump didn’t mention crypto or Bitcoin in his speech, which faded positive sentiment. Also, the industry participants were awaiting an executive order on strategic Bitcoin reserves or crypto policy. However, the US SEC announced the Crypto Task Force led by Commissioner Hester Peirce to develop a clear regulatory framework for crypto assets.

Bank of Japan’s Interest Rate Hike Decision

The Bank of Japan expects to raise interest rates this Friday to the highest in 18 years, Bloomberg reported on January 23. A 25 bps rate hike to 0.5% by the BOJ would trigger Yen carry trade unwind, risking global liquidity and risk assets such as BTC.

The crypto market can see further selloff as the BOJ rate hike will wipe out optimism around “Trump trade” and meme coins launched by the Trump family. BTC saw sudden drops during the rate hikes by the BOJ last year.

US Fed Interest Rate Decision

The US Federal Reserve’s monetary policy decision and Jerome Powell’s comments will be the key for markets this year. The recent inflation and strong jobs market data have taken Fed rate cut odds off the table at this FOMC Meeting.

CME FedWatch tool indicates there is a 99.5% probability of the Fed keeping interest rate unchanged at 4.25%-4.50% during the January 29 meeting.

Meanwhile, the US dollar index (DXY) has again started climbing toward 109, with a 0.22% to 108.38 today. Also, the 10-year Treasury yield stays near 4.6% amid volatility due to the Trump tariff and other policy decisions. Typically, Bitcoin price moves in the opposite direction to DXY and Treasury yield.

Crypto Market Selloff: Bitcoin and Ethereum Options Expiry

As per Deribit, 29K BTC options of notional value $3 billion are set to expire, with a put-call ratio of 0.48. The max pain point is $99,000, indicating a high of another dropdown below $100K. Volatile price movements are always expected during options expiry.

Bitcoin optionsBitcoin options
Source: Deribit

BTC price currently trading at $102,467, down 3% from the 24-hour high of $105,557.

 

Moreover, 169K ETH options of notional value of almost $0.5 billion are set to expire, with a put-call ratio of 0.47. The max pain point is $3,300, which is higher than the current price of $3,220. Traders must keep an eye on drastic changes in trading volumes for further fall in ETH prices.

Ethereum optionsEthereum options

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitwise Files for Dogecoin ETF, DOGE Price To $15?

Published

2 months ago

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January 23, 2025

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Bitwise has reportedly registered a legal entity for a Dogecoin ETF, creating speculation of an imminent filing with the United States Securities and Exchange Commission (SEC). This development briefly boosted the price of Dogecoin, which touched $0.373 before settling near $0.36 at the time of reporting.

Bitwise Moves Toward a Dogecoin ET Filing

According to information accessed on the Delaware corporate registration website, Bitwise has created a legal entity named “BITWISE DOGECOIN ETF.” This is not an official ETF filing with the SEC, but it is seen as a stepping stone to such a submission.

In most cases, ETF registrations are made after setting up the legal structure that follows the filing of Form S-1 with the SEC. Market participants are likely to see Bitwise submit the necessary documentation in the near future, with Dogecoin joining other digital assets that have been proposed for ETFs by issuers.

Bloomberg ETF analyst Eric Balchunas also confirmed this stating that; “This is real and not a market manipulation scheme.” Balchunas had estimated that a DOGE ETF could launch in as soon as April 2025 if it gets the green light.

DOGE Price Reaction and Whale Activity

News of the registration led to a slight increase in Dogecoins value, which spiked to 4% and trading at $0.373 before dropping back to $0.36. This announcement has garnered interest from institutional and retail investors, with more action expected from the price if an official ETF filing is made.

At the same time, whale activity has risen due to improving sentiment. According to data provided by Santiment, the majority holders have accumulated 590 million DOGE tokens in the last one day. To the excitement, the icon of Dogecoin has been displayed on the website of the newly formed U.S. Department of Government Efficiency or D.O.G.E. It was created by an executive order shortly after the inauguration of President Donald Trump on January 20, 2025.

ImageImage

Other technical analysts have also come up with possible price predictions for Dogecoin. Trader Mikybull posted a chart indicating a bullish flag pattern which could propel DOGE to $2 if the pattern is confirmed. Nonetheless, crypto analyst Ali Martinez anticipates that the price may rise to $15 if a Dogecoin ETF is granted approval.

Growing Momentum for Crypto ETFs

The potential filing of a Dogecoin ETF comes as the SEC has shown greater willingness to approve cryptocurrency-related funds. Bitcoin and Ethereum ETFs were recently greenlit, signaling a shift in regulatory attitudes.

The resignation of former SEC Chair Gary Gensler has further fueled speculation around the approval of spot cryptocurrency ETFs. Rex Osprey, an asset manager overseeing $8 billion, has also filed for a Dogecoin fund, adding to the momentum.

Observers believe a Dogecoin ETF would increase institutional adoption and provide retail investors with easier access to the cryptocurrency.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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