Dogecoin Price Targets 90 Cents Amid Increased Whale Investor Demand
Dogecoin price (#DOGE) has indicated the beginning of a macro bull run, following a significant rally. The meme coin, valued at approximately $54 billion with a daily trading volume exceeding $15 billion, has consistently closed above the previous resistance level of 22 cents.
Price Trends and Technical Indicators
Over the past year, DOGE has established a trend of higher highs and higher lows against the US dollar. The weekly Relative Strength Index (RSI) has remained above 70 percent for the first time since April. Additionally, Dogecoin has experienced a second golden cross between the 50 and 200 Moving Averages (MA), similar to a prior instance that led to a more than 7,000 percent increase in price.
Crypto analyst Trader Tardigrade suggests that Dogecoin is forming a bullish pennant, targeting approximately $0.9. If sell-offs occur, a support level above 33 cents is expected, based on previous monthly closes.
#Dogecoin next stop: $0.9 🚀$DOGE is forming another Bull Pennant. The previous pennant brought $doge from <$0.2 to $0.3 while the current one is aiming at $0.9 pic.twitter.com/kAotib7dPJ
— Trader Tardigrade (@TATrader_Alan) November 15, 2024
Investor Interest and Network Growth
The Dogecoin network has gained popularity among investors, supported by endorsements from Elon Musk and institutional adoption, particularly by Spirit Blockchain Capital Inc (CSE: SPIR). Current on-chain data shows over 5.3 million holders and strong liquidity from listings on major exchanges. Increasing whale activity indicates growing speculation in the altcoin market.
#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
— Ali (@ali_charts) November 15, 2024
In the last 24 hours, Dogecoin whales have accumulated 140 million DOGE units, valued at over $56 million. This influx of capital increases confidence in a potential rally similar to the 2020 bull market. The Dogecoin network also provides crypto miners with opportunities for additional income while securing the ecosystem.
Additionally, the announcement of the Department Of Government Efficiency (D.O.G.E) by President-elect Donald Trump has enhanced awareness of Dogecoin. Musk's anticipated involvement in this initiative aims to improve governmental efficiency.