Dogecoin (DOGE) has once again captivated the crypto market, as significant investors have initiated transactions that suggest a potential price increase.
DOGE billionaires have amassed approximately 110 million tokens in the past 48 hours, indicating a significant level of interest in the meme-inspired cryptocurrency.
Although some analysts interpret this as a positive sign, technical indicators show the path ahead may not be as smooth as some might expect.
Whales Make A Splash With 110 Million DOGE
Wealthy buyers has recently loaded up their bags with millions of Dogecoin tokens. Although this buying has led to rumors of a possible breakout, it is common for whales to gather assets before big price changes.
The price of DOGE is about $0.244862 right now. Its high point for the day was $0.247588 and its low point was $0.243102. It looks like whales are getting ready for a possible upswing during this accumulation phase, but it’s not clear if this will lead to a continuous rise.
Key Resistance And Support Levels In Focus
A technical study shows that Dogecoin is now facing strong resistance between $0.2556 and $0.2650. If the bulls break through these levels, a bigger rise could start. Even so, the fact that it failed to break through support could lead to a retracement or more stabilization.
The most critical support zone for #Dogecoin $DOGE is between $0.19 and $0.16. If this level holds, the $3 target remains a strong possibility. pic.twitter.com/VZyqSM2p8U
— Ali (@ali_charts) February 22, 2025
DOGE’s weakness is that it needs strong support at $0.19 and $0.16. According to crypto analyst Ali Martinez, it is very important for the meme coin to stay above these support zones in order to keep any positive progress going.
If this support doesn’t cave in, the $3 target for the meme coin remains a strong possibility, Martinez said. But, if DOGE drops below these values, a more severe correction may be on the way.
Technical Indicators & Mixed Signals
Despite the buildup of whales, technical signs suggest a more cautious stance. At the moment, the Relative Strength Index (RSI) is close to neutral. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing signs of bearishness, indicating that there can be pressure to the downside.
In order to ascertain whether whale activity will be enough to reverse the present negative momentum, traders are keeping a careful eye on these indications. Because of the contradicting messages, it is unclear what DOGE will do next.
Could Dogecoin Ever Make It To $3?
The idea of Dogecoin hitting $3 has the cryptocurrency community excited, but this is still only a theoretical goal. Although considerable accumulation indicates confidence among large participants, the feasibility of such a price hike will ultimately depend on market conditions and technical resistance levels.
Featured image from Pexels, chart from TradingView
Christian Encila
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
