DOGE Shows Growth and Attracts Major Investors
Dogecoin (DOGE) is experiencing a bullish phase, with a 9.57% increase over the past seven days and a current price of $0.3778. Analysts are closely watching its potential to reach the target price of $2.77, driven by large transactions and favorable technical patterns.
DOGE gained popularity after the Ministry of Government Efficiency, led by Elon Musk, added its logo to its official website. During Trump’s inauguration, Musk reiterated his support for DOGE, saying, “We’re taking DOGE to Mars.”
The current market capitalization of DOGE stands at $55.98 billion, with a circulating supply of 150 billion coins and a 24-hour trading volume of $9.93 billion.
Whale Activity Fuels Dogecoin Network
Large transactions on the Dogecoin network have surged. Analyst Ali highlighted that 588 transactions worth over $1 million were recorded in the past 24 hours.
One notable example includes 400 million DOGE (approximately $137 million) transferred to Binance. Historically, such large transfers to exchanges indicate potential sell-offs, making this a key point for market participants to monitor.
Bullish Flag Pattern Signals Further Growth
On the weekly chart, Dogecoin has broken out of a bullish flag pattern, signaling the continuation of its upward trend. Analyst Trader Tardigrade identified a target price of $2.77 for this pattern, indicating significant growth potential from current levels.
Sustaining trading volume is crucial to validate this breakout, with the prior rally forming the "flagpole," supporting further upward momentum.
Short-Term Price Levels and Key Resistance
The 4-hour DOGE/USD chart shows that the price is trading near the lower Bollinger Band at $0.3754, suggesting oversold conditions.
The Money Flow Index (MFI) at 35.10 supports this view, as it approaches the oversold zone.
Key resistance levels are located at the midline of the Bollinger Bands at $0.37679 and the upper band at $0.41346.
A breakout above $0.41 could reignite bullish momentum, while failure to hold support may result in a test of the $0.34 level.
The Future of Dogecoin: A Path to $2.77?
Dogecoin's network activity and technical patterns reflect increasing momentum, driven by significant transactions and a bullish outlook.
While whale activity introduces short-term volatility, analysts remain optimistic about DOGE's long-term trajectory. A price target of $2.77 appears achievable if bullish patterns hold. Resistance at $0.41 and whale behavior will be critical indicators for the cryptocurrency’s next moves.
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