The memecoins have gained mainstream attention ever since President Donald Trump launched his official token, TRUMP. This has started a wave of celebrity coins, as more and more known personalities like Mark Cuban are expected to launch their token. The ongoing wave has also offered a significant bullish push to the Dogecoin price, which has surged above the crucial resistance zone. Meanwhile, the token faced equal bullish and bearish pressure over the past two days and hence the day’s close is expected to break the trend.
Not only have the market participants become sure of the upcoming DOGE price rally with bullish sentiments rising above 88%, but the whales also foresee bullish potential. As a result, they have been constantly accumulating DOGE, regardless of the prevailing market dynamics. As per the data shared by a well-known analyst, Ali, the whales who hold DOGE tokens ranging between 10M and 1B have bought another 590 million in the last 24 hours.
As seen in the above chart, the whales have been constantly accumulating since the start of the second fortnight, displaying huge bullish possibilities in the upcoming days. Currently, they hold over 47.7 billion DOGE tokens, which is around 30% of the total supply. Hence, this is quite a big number, enough to influence the DOGE price rally.
Regardless of the whale accumulation and official DOGE, why does the Dogecoin price remain restricted within the range? Will it ever reach $1?
The price is consolidating within a narrow range because the strength, read by the ADX, is crashing hard. This suggests the bulls are failing to revamp a strong rise, while there is minimal participation of the bears, which has kept the price almost within a range-bound. Besides, the MACD is also heading towards a bearish crossover while the RSI rests along the average. Despite the bearish indicators, the DOGE price is primed for a bullish rebound.
As seen in the above chart, the price is holding the 50-day MA as a strong base while both of the Bollinger bands display a bullish divergence. Therefore, as long as the DOGE price holds above the ascending trend line that it has been holding since the November breakout, the bullish possibilities remain higer. Therefore, the Dogecoin price is believed to hold above the support zone between $0.3626 and $0.3552, which could help the token to rise above $0.4.
Regardless of this, the bullish strength is required to rise, which may increase the buying pressure. With this, the possibility of the Dogecoin (DOGE) price reaching $1 increased, providing a major change in the market dynamics.
