Can DOGE Price Reach $1 By Year-End? Top Crypto Analysts’ Views

• Dogecoin (DOGE) witnessed whale-buying activity in the past hours.
• Amidst the choppy market, DOGE stayed green throughout the day.

The Dogecoin (DOGE) stays above the key moving averages and looks bullish on the charts. However, the price action signifies range-bound moves throughout the month.

Amidst the consolidating price action, signs of whale buying activity were noted this week.

Analyst @Ali Martinez indicates that whales have bought 700 Million DOGE, worth over $112 million, in the past 24 hours.

#Dogecoin whales have bought over 700 million $DOGE in the past 72 hours, worth around $112 million! pic.twitter.com/zpMoHz1azX

— Ali (@ali_charts) May 31, 2024

Source: X

Notably, bull accumulation activity was witnessed, and holders are attempting to break the $0.1800 range hurdle to trigger a sharp upmove ahead. For weeks, DOGE looked unstable and did not reveal a clear direction.

At press time, the Dogecoin (DOGE) price traded at $0.1608  with an intraday rise of 1.21%, reflecting neutrality on the charts. It has a monthly return ratio of 20.10% and a yearly return ratio of 132.20%, indicating a short-term uptrend.

Could Whales’ Buying Activity Push DOGE Toward Highs?

The daily charts of Dogecoin hint that a range breakout is on the cards, and a sharp bull run might trigger soon.

Recent whale buying activity is an early indication that buyers have gained traction and are looking to pump DOGE beyond the bars.

Source: TradingView

Nonetheless, the trading volume significantly surged over 22.30% to $897.40 million in the last 24 hours.

The RSI curve witnessed a positive crossover and stayed close to the midline region, replicating a neutral outlook.

Analyst @CryptoKaleo, in a tweet, says that DOGE might stay in range longer before a sharp spike. He said the current PA (price action) looks similar to spring 21.

He added that the same price action in summer 24 was repeated, and DOGE might shoot up soon.

Wouldn't be surprised if $DOGE spends a bit longer in this range before sending.

Current PA looks incredibly similar to the Spring of '21 after it had its first initial send from sub one cent to ten cents.

If you don't think the king of memes eventually sends during the meme… pic.twitter.com/8Y5r5NbER5

— K A L E O (@CryptoKaleo) May 29, 2024

Source: X

Analyst @Altcoin Sherpa indicates that $0.40 is the level to watch for a fresh bull cycle.

Eventually, retail investors started buying DOGE at the dips and eyeing for an upside. Notably, a single tweet by the founder is needed to blow the gains.

$DOGE to $0.40 is 1 of the safest trades you can make this cycle IMO.

-Retail eventually going to buy it up
-All it takes is 1 retarded Elon tweet to blow it up
-Has great liquidity/low downside relative to other memes
-Prob outperforms a lot of other shitcoins

*I don't have… pic.twitter.com/OHFe6ExNMY

— Altcoin Sherpa (@AltcoinSherpa) May 29, 2024

Source: X

DOGE Stays Calm: Rally Imminent?

Analyst @Jackis said in a tweet that he was in doubt about whether history would repeat itself or not. He points out that PA looks the same as it did in the past. 

He added that DOGE is the high beta counter and would trigger a highly impulsive move if this history repeats.

$DOGE UPDATE #4

As I said: "I doubt it happens exactly the same way as in the past cycle BUT I'm here to remind you where we are, to not miss out"

Since then #DOGE has made its first HTF impulsive move & higher beta meme coins have produced higher beta results as well

From… https://t.co/dA4tPL5Zfj pic.twitter.com/ckQJjwUTQo

— JACKIS (@i_am_jackis) May 26, 2024

Source: X

Meanwhile, the ongoing price action did not signal any signs of an upcoming breakout and stayed calm.

A break and close above the $0.1850 mark would lead to an up move, while the 200-day EMA support mark near $0.13000 is the downside support to watch out ahead.

Until these levels are intact, there will be no trade zone, and the DOGE will remain capped inside the range.

The immediate support levels for Dogecoin (DOGE) are $0.1560 and $0.1490, whereas the key upside hurdle is around $0.1700, followed by $0.1800.

Conclusion: What’s Next For DOGE Amidst Consolidation?

Amidst the market correction, the DOGE price remained calm inside the range and has not showcased any significant impulsive move for the past weeks. Meanwhile, indecisiveness among the bulls and bears led to a dilemma among the investors.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.