After a sharp decline in the market, the price of Dogecoin (DOGE) has fallen to $0.2, creating an ideal opportunity for whales to accumulate more of this coin. With a recovery momentum gradually forming, many factors indicate that the price of Dogecoin could double in the near future. Pseudonymous crypto analyst ProjectSyndicate has detailed the factors that could push Dogecoin's price to new highs this year.

Check the 'Reload Zone' Before the Breakout

Like many other digital assets, Dogecoin has a strong support zone, also known as the reload zone, where the price can test again before continuing to rise. This reload zone is currently around $0.15, meaning if the upward momentum faces difficulties, the price may return to this level.

Currently, the price of Dogecoin has avoided hitting this bottom level thanks to the sustained buying power from bulls. Initial support is centered around the $0.22 level, but selling pressure from bears has caused the price to drop, and the main support zone is now $0.2.

According to ProjectSyndicate, the $0.15–$0.16 range is indeed the bottom of Dogecoin's accumulation phase. If the price drops further, this would be the ideal level for investors to start entering positions, preparing for the next price increase.

Factors Triggering Dogecoin Price Increase

Aside from the accumulation zone, there are many factors indicating that Dogecoin is ready for a strong rally:

  1. Buying Power from Whales: After the price correction, whales have started accumulating DOGE, evidenced by large withdrawals from exchanges, proving that the demand for holding has increased.

  2. Expectations for Dogecoin ETF: Many companies have filed for permission to launch a Dogecoin ETF, although the SEC has not yet approved it. If the ETF is approved, significant institutional money will flow into DOGE, driving the price up strongly.

  3. Launch of DogeOS: This product allows Dogecoin users to leverage DeFi on the Ethereum network, enhancing the utility of the coin and attracting new investors.

  4. Supporting Technical Factors: On the technical chart, a Golden Cross has appeared when the 50-day MA crosses above the 200-day MA – a signal often indicating strong price increases.

Dogecoin Price Outlook

If Dogecoin maintains the level of $0.15–$0.16, even in the event of a deep correction, the price could recover to $0.25, and even rise to $0.34–$0.40, before heading towards $0.55. This is a time that investors should watch closely, preparing for potential profit opportunities.

Conclusion: With buying power from whales, ETF expectations, DogeOS features, and positive technical signals, Dogecoin is facing a strong growth opportunity in the near future. Smart investors should observe the $0.15–$0.16 range to identify the ideal entry point before DOGE breaks out.