Dogecoin Price Prediction: Could DOGE Hit $0.50 By Year End?

• Dogecoin price stayed sideways, around $0.40, over the weekend.
• Dogecoin whales bought 210 million DOGE during a pullback.

Following a choppy price action over the weekend, DOGE appears to have regained the lost ground and displays signs of a bounce back. In the meantime, the large investors seized their chances next and laid the cards.

After hitting a 52-week high of $0.484, the Dogecoin price pierced back and tested the 20-day EMA support level. However, the investors were seeking answers to whether it was a pullback or a start of a reversal.

Will this push be enough to make DOGE volatile again? Keep on reading to check a fact-based Dogecoin price prediction.

Whales are Stockpiling DOGE: Is a Breakout Coming?

Data from Santiment reveals that Dogecoin whales took advantage of the recent dip and accumulated massively. A big Dogecoin whale movement took place as whale wallets scooped up 210 million DOGE during the pullback.

This Dogecoin news gives a hint that large investors positioned themselves before an upsurge, conveying signals of a short-term bull rally.

Following the purchase, the Dogecoin price surged significantly and recovered from lows. When writing, the DOGE price traded at $0.4049, noting an intraday decline of over 2.10%. Its market cap dropped to $59.26 Billion, and the meme coin ranked 7th among the top cryptos.

Such actions in the past have typically culminated in a price spike, as witnessed in Dogecoin. The impact is immediate, yet these are extremely large purchases and may be part of a broader market strategy.

Some holders prefer to accumulate during the consolidation or a pullback, as it is prevalent in the crypto market to scoop when prices are low. Its intent, if other whales go this way, can lead to significant upward movement and could push the Dogecoin price higher.

Dogecoin Forms Double Bottom: Is a Rally Incoming?

A recent tweet by Trader Tardigrade highlighted that Dogecoin’s chart structure unveils a double bottom pattern, which suggests a significant rally next. In case of a daily close above the neckline barrier of $0.4600, Dogecoin could possibly reach the upside of $0.500 by year-end.

It formed a basing pattern and primed for a 3rd rising wave that could propel the DOGE price higher in the coming days.

Dogecoin Price Prediction: Decoding the Chart

The daily timeframe technical analysis for DOGE shows that the price has been hovering around the congestion zone near $0.40 and attempting to bounce. It formed a double bottom pattern, which usually leads to breakouts. It moved up significantly in the last few sessions and approached the 52-week high zone. Amid the recent pullback, it rested around the 20-day EMA and looked bullish.

The Relative Strength Index (RSI) is a momentum indicator used by traders to assess whether a market is overbought or oversold to make decisions about accumulating or selling an asset.

DOGE’s RSI at press time has a reading of 52, which gives an advantage for bulls and suggests significant room for upside in the short term.

Going forward, the futures market data also replicates bullish bias. As the OI-weighted funding rate remains positive at 0.0105%.

The immediate support zones were $0.3870 and $0.3700, whereas the upside hurdles were $0.4230 and $0.4450.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.