Dogecoin (DOGE) price has been in a bearish momentum in the last 24 hours, with the price dipping from an intra-day high of $0.424 to an intra-day low of $0.3668.

At press time, DOGE price was trading at $0.3934, a 6.15% decline from the 24-hour high. Amid this dip, whales have been actively transferring large amounts of DOGE, fueling speculation about a potential price rally.

Dogecoin Whale Activity Triggers Rally Speculation

In the past few hours, large transfers of Dogecoin have caught the attention of market participants. According to Whale Alert, over 61 million DOGE, worth approximately $23.5 million, were transferred from an unknown wallet to the Robinhood platform.

This was followed by another transfer of nearly 85.4 million DOGE, valued at around $32.9 million. These large transactions come amid heightened market interest and could signal significant developments for the price of Dogecoin.

Whale movements are often viewed as indicators of potential market shifts, particularly when such large sums are moved to exchanges. Traders and investors may be watching these transfers closely, speculating whether they signal the beginning of a price rally. As larger market participants move their positions, volatility in Dogecoin’s price could increase, leading to potential price swings in the coming days.

Will DOGE Price Surge to $3?

Several analysts are keeping a close eye on Dogecoin’s price action amid these large whale transactions. Ali Martinez, a crypto analyst, recently stated that Dogecoin is still in the early stages of its bullish cycle.

He points to a potential price rise to $3 during the current bull run, with long-term projections suggesting a rise to as high as $18.

Martinez bases his prediction on the weekly chart’s regression channel, which suggests that DOGE still has room for upward momentum. However, he acknowledges that the market could face some fluctuations before these price levels are reached. Despite the recent decline in Dogecoin’s price, analysts are optimistic about its medium-to-long-term prospects.

However, DOGE’s open interest dipped by 12%, and its derivatives trading volume decreased by 10%, signaling a slight reduction in market activi

Technical Breakout Sparks Renewed Optimism

Technical analysis has also been pointing to a potential breakout for Dogecoin. Trader Tardigrade, another crypto analyst, notes that DOGE price has recently broken out of a Symmetrical Triangle pattern, which often signals a bullish trend. Following this breakout, the price of Dogecoin has not experienced a significant pullback, suggesting that the upward momentum may continue.

If Dogecoin retraces to the upper boundary of the triangle at around $0.44, like it has done today, it could present a buying opportunity for investors looking to capitalize on the next leg of the rally. Tardigrade suggests that the price could eventually reach $0.65, marking a potential 50% rallyfrom the current levels.

Further, he predicts that DOGE might peak within the range of $8 to $10 before a possible retracement, which could provide another entry point for long-term investors. Moreover, from its current price of around $0.39, a rally to $3 would represent a significant increase of 630%, making it an enticing prospect for investors looking to capitalize on Dogecoin’s growth potential.

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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.