Dogecoin (DOGE) plummeted 22% this week! However, whales have swept up 2 billion coins, and the probability of ETF approval has reached 99%. Analysts have set an 800% growth target. Despite Dogecoin’s price plummeting 22% this week, nearly 70% down from the historical high of $0.73, on-chain data and fundamental signals indicate that a violent rebound is brewing.
Whales have swept 2 billion DOGE (worth about $480 million) in the past 24 hours, while the probability of the spot Dogecoin ETF being approved has soared to 99%.
The DOGE weekly chart is repeating a historical surge pattern, which previously saw gains of 300%-500% between September and November last year. The current technical structure suggests that this round of gains could reach 800%, with a target price of $1.30.
🔥 Why is it more worth paying attention to after the plunge?
1. Whales Buying Against the Trend: On-chain data shows a significant increase in the number of addresses holding large amounts of DOGE, and the net outflow from exchanges continues to rise, indicating that smart money is accumulating for the long term rather than trading short-term.
2. ETF Catalyzation Countdown: The 21Shares spot Dogecoin ETF has received a DTCC code, and the regulatory process has entered a critical stage; previously, the first Dogecoin ETF (DOJE) launched by Rex Osprey achieved a trading volume of $5.81 million in the first hour, exceeding expectations by 140%.
3. Technical Triple Resonance: The current price is forming strong support between $0.236 and $0.244. If this range holds, it may rise to $0.32 to $0.50 after breaking through $0.30. The upward channel remains intact, with the lower boundary of the channel since April's low providing bullish support. If the rebound continues, it may challenge the historical high of $0.48. Technical indicators are turning bullish, with the 4-hour RSI moving out of the oversold zone and the MACD histogram flattening, indicating weakened selling pressure.
⚠️ Key Risks and Opportunities
1. Breakthrough Signal: In the short term, closely monitor the resistance level at $0.244. If it can break through with volume, it may trigger a chain of buy orders and quickly rush towards the psychological barrier of $0.30.
2. Downside Bottom Line: If the support at $0.236 is lost, the price may drop to $0.1425.
3. Macroeconomic Benefits: The U.S. Q2 GDP growth has been revised up to 3.8%, unemployment rates are declining, and economic resilience strengthens the preference for risk assets. If the Federal Reserve cuts interest rates by another 0.50% within the year, it may propel DOGE to explode.
