Dog-themed memecoin DOGE is up over 6% on Jan. 28, 2025. This new price hike comes after the memecoin bounced back from a low of $0.30510 achieved during the Monday trading session.
Dogecoin investor confidence is also on the rise as whales start accumulating the token in large numbers. This has boosted Dogecoin’s price which was plummeting towards breaching key support levels.
Dogecoin Whales Accumulate 460 Million Tokens
Over the past week Dogecoin has witnessed market volatility with the price declining after hitting $0.3884 on Jan. 21, 2025. After the recent dip, large investors went on an accumulation spree making the price to shift to an upward trend.
Earlier today, Ali Martinez shared a post on X revealing that Dogecoin whales made bulk purchases after the drop. The buying spree saw 460 million DOGE coins accumulated by whales. Strong investor confidence drove the whale accumulation as large investors anticipate positive price movement in future.
Whales bought 460 million #Dogecoin $DOGE in the recent price dip! pic.twitter.com/gWGck7hPNH
— Ali (@ali_charts) January 28, 2025
DOGE Surges Over 6% In the Day
The daily chart on TradingView shows that Dogecoin was trading at the $0.33454 price level as of the time of writing. This marks a 6.19% surge since the Tuesday session kicked-off.
DOGE’s daily high and low prices have been at $0.33923 and $0.32930, respectively. However, while the price has picked momentum, DOGE is still showing a 2.59% dip in the last 7 days.
The memecoin’s technical indicators are also showing bullish signs. The Relative Strength Index (RSI) for instance, stands at 62.56 which is a moderately bullish zone. The MACD indicator also depicts a bullish trend since the blue MACD line is over the orange line.
The recent bullish momentum will continue as indicated by the crossover. However, the histogram bars are weak suggesting the strength is limited. To maintain an upward trend, Dogecoin must thus sustain buying pressure.
Dogecoin Price to Hit $2.28: Analyst Predicts
Top crypto Analyst Javon Marks made a $2.28 prediction for Dogecoin. His recent post read, “prices still look well on track for another great bullish performance and history suggests that another nearly +600% run to and above ≈$2.28.” Javon’s post followed a previous post on Jan. 17, 2025 whereby he stated that DOGE was showing strength with historical performances pointing to over +432% gains.
For Javon’s prediction to become a reality, however, favorable market conditions must prevail in the market. If the REX Shares-filed ETF involving BTC, ETH, DOGE and TRUMP gets approved, we could see Dogecoin hit the $2.28 mark.
This actualization is owed to massive inflows that could hit the Dogecoin market if a Dogecoin ETF gets approved. Investors are however advised to keep an eye on the key resistance levels.
This news is republished from another source. You can check the original article here