According to market analysts who are closely monitoring Dogecoin’s (DOGE) performance, it could be gearing up for a major price surge.
On Wednesday, March 19, TradingView Idea crypto analyst Whalesdesk highlighted a bullish setup for Dogecoin. He pointed to a strong support zone between $0.16 and $0.17 and a pennant formation on the weekly candlestick chart. If DOGE maintains this support and breaks out from the pennant pattern, it could ignite a rally toward $0.30, $0.45, and eventually $0.60.
With Dogecoin currently trading at $0.1715, these price targets represent significant upside potential of 75%, 160%, and 250%, respectively.
Mixed Analyst Predictions: Will DOGE Dip Before a Breakout?
Whalesdesk is not alone in predicting an upward move for Dogecoin. Another respected analyst, MMBTrader, also suggested that a rebound could be on the way. However, unlike Whalesdesk, MMBTrader believes DOGE might dip first before recovering.
He identified support levels around $0.13834 and $0.09081 on the daily chart. Additionally, he cautioned that the meme coin may encounter resistance at crucial psychological price points, particularly around $0.30 and $0.40.
Whales Accumulate Millions in DOGE as Network Activity Soars
Recent on-chain data further supports the bullish case for Dogecoin. Whale investors have been aggressively accumulating DOGE, signaling growing confidence in the asset.
Notable whale purchases in recent weeks include:
- 110 million DOGE (valued at $18.5 million)
- 1.4 billion DOGE (approximately $224 million)
- 1.7 billion DOGE (roughly $300 million)
At the same time, Dogecoin’s network activity is skyrocketing. The number of active addresses surged by 76%, climbing from 160,000 last week to over 280,000 this week.
This increase in whale accumulation and network engagement suggests a rising demand for DOGE. If this momentum continues, Dogecoin could be poised for an explosive breakout in the coming weeks.
Related article: Dogecoin at $0.1661: Will a 30% Rebound Take It Past $0.22?
Will Dogecoin Hit $0.60?
The coming weeks will be crucial for Dogecoin’s price action. If the support holds and a breakout occurs, DOGE could be on track for massive gains. However, traders must monitor potential resistance zones and short-term pullbacks.
With whales actively buying and network activity spiking, Dogecoin’s bullish momentum continues to build. Will the meme coin reach $0.60, or will resistance slow it down? The market will soon reveal the answer.
