Dogecoin is gaining back its lost attention after the institutions filed for a potential DOGE ETF. These sentiments have intensified as the House of Doge (under the Dogecoin Foundation) launched the official Dogecoin Reserve with 10 million DOGE worth around $1.8 million. This is expected to speed up transactions and boost payment efficiency. Besides, the foundation is also in talks with the US government to accept DOGE for parking fees, utilities, and even major sporting events.
These developments and the easing market dynamics have kept the DOGE price up by over 10% since the start of the week. This has not only made the market participants bullish on Dogecoin, but also has induced significant confidence among the whales. As a result, they have begun to accumulate DOGE heavily, fluttering bullish flags across the markets.
As Santiment data shared by a known analyst, Ali, the wallets holding DOGE tokens between 1,000,000 and 10,000,000 have accumulated over 200 million tokens in the past two weeks. This can be considered a rise in the confidence among the investors regardless of the rising volatility. Hence, this suggests the DOGE price is preparing for a strong bullish action that could elevate the levels above the bearish range.
The weekly chart of DOGE price suggests the price has completed a decent retracement and hence could soon begin its journey back to the resistance. The DOGE price faced a rejection from $0.48, earlier this year and hence, the latest trade dynamics suggest the bulls are gearing up to push the price beyond the range. The weekly MACD displays a drop in the selling pressure, which may further lead towards a bullish crossover. On the other hand, the DMI is also attempting a bullish crossover that could validate a flip from the bearish trend.
Meanwhile, the ADX is plunging, hinting towards a drop in the strength of the rally, which could slow down the progress of the rally. Therefore, the Dogecoin price has come under the bullish influence but a bullish confirmation could only push the token towards the upper range. This could happen when the DOGE rises and secures above $0.22 before the end of Q1. Once done, the price may not only rise above the yearly highs, but also mark a new ATH close to $1, later this year.
