Dogecoin (DOGE) is once again gaining attention amid volatile price movements. Despite the uncertain market, the latest data from blockchain analytics firm Santiment offers a glimmer of hope.
According to newsbtc.com, over the weekend, whales have purchased an additional 160 million DOGE. This move is considered a signal of confidence that the price of Dogecoin could rise higher in the near future.
Just for information, massive buying action from whales is usually an early sign of significant price movement. In the case of Dogecoin, this indicates that large investors are confident in the potential for price increases. Currently, Dogecoin is trying to regain its position as the leader in the meme coin market after losing momentum.
This whale move also makes analysts optimistic that the price of DOGE can continue to rise in the next few weeks. The main target is to reach the psychological level of US$ 1. However, to achieve this, Dogecoin must break through a certain resistance level or price barrier that has been difficult to pass.
If successful, retail investor interest could surge again, pushing prices higher. But if not, market volatility could again test the patience of meme coin supporters.
Dogecoin Rises Amid Market Optimism
In recent weeks, Dogecoin has shown signs of strength. The price has managed to break through a resistance level that had previously held for years. This movement has sparked new optimism, with many calling it the beginning of an ‘up only’ trend.
According to top crypto analyst Ali Martinez, Santiment data shows that 160 million DOGE were purchased by whales over the weekend. This action is often interpreted as a strategic move, where big players prepare for further price increases.
Historically, such massive accumulations have often been the precursor to significant price increases, further strengthening expectations for Dogecoin’s future.
However, there are challenges to be faced. The current DOGE price is still heavily influenced by larger market movements, especially Bitcoin. Currently, Bitcoin is trying to break through the US$ 100,000 level. If it fails, then the entire crypto market, including Dogecoin, is at risk of a correction.
Key Levels DOGE Must Reach
Technically, Dogecoin is currently trying to break through the resistance level at US$ 0.44. If it succeeds in passing this resistance, then the price of the joke coin could continue its upward trend to a higher level. However, if it fails, it could get stuck in a consolidation pattern.
In addition, support at US$ 0.42 is also an important support. As long as the price does not fall below this level, bullish sentiment or optimism will remain. If a decline occurs, there will be a price correction that requires the market to test lower levels before rising again.
