Dogecoin Sees Price Bump as Mysterious Whale Snaps Up 120 Million DOGE — Is a Major Rally Coming?

Jakarta, Pintu News – According to Coingape (24/3/25), Dogecoin DOGE2.51%->Current DOGE PriceRp 2.7222.51%Market CapRp 914,37 TriliunTrading VolumeRp 74,07 TriliunCirculating SupplyRp 147,24 Miliar is experiencing a consolidation phase, but some analysts predict a potential price spike to reach $20.

Although the market is experiencing challenges, including high levels of volatility, some believe that the most popular meme coin could experience a significant price increase in the near future.

According to crypto analyst Ali Charts, the current market structure and on-chain data suggest that a price breakout could be imminent, which would probably be the start of a fairly dramatic Dogecoin price increase.

Dogecoin price rises 1.68% in 24 hours

On March 24, 2025, Dogecoin (DOGE) saw a modest 1.68% gain over the past 24 hours, trading at $0.1718—or around IDR 2,848. During the day, DOGE dipped to a low of IDR 2,779 before climbing to a high of IDR 2,887.

At the time of writing, Dogecoin’s market cap stands at around $25.56 billion, with trading volume also rising 46% to $622.69 million within 24 hours.

Read also: Bitcoin Soars Past $85,000 on March 24, 2025 — What’s Fueling This Explosive Rally?

Dogecoin Price Market Trends, Is a DOGE Rise on the Horizon?

Since March 11, the Dogecoin price has been moving in a narrow consolidation range between $0.16 and $0.18. This range has been an important battleground for investors who are still waiting for clearer signals of market direction.

However, on-chain data shows a different picture. In the past week, DOGE whales have accumulated more than 120 million Dogecoins, signaling a change in market sentiment.

Although price movements have been flat, this accumulation trend suggests that large holders are preparing for a possible price surge. Analysts think that this whale activity could be the initial foundation for a potential future price rally.

If the meme coin manages to break the resistance zone at $0.18, then there is a possibility that the next uptrend will begin.

Some analysts even project that this could pave the way to an ambitious target of $20, although the timing and favorable market conditions are still uncertain.

Fibonacci Levels and Trend Channel Support

Reporting from Coingape (3/24/25), the Dogecoin price chart shows that this meme coin has formed a fairly strong uptrend. This pattern has been forming since early 2015 and has proven to have long-term resilience as a support area.

Read also: 3 Dogecoin Price Targets Post FOMC Decision, DOGE Ready to Rocket? Here’s What Crypto Analysts Say!

Currently, the price of DOGE is in the middle of the market trend channel, and if this support line holds, the upward movement is expected to continue.

In addition to the trend channel, the Dogecoin price is also near the 0.5 Fibonacci level which has been serving as a support and resistance area. If the price is able to break above the 0.618 Fibonacci level, this could signal a continuation of the bullish trend.

Some analysts such as Ali Charts are forecasting further potential price increases. If this trend remains consistent, DOGE’s price target of $20 could become more realistic to achieve.

Whale Accumulation as a Bullish Signal

On-chain data from analysts like Ali Martinez shows a recent spike in DOGE whale activity.

In just one week, more than 120 million Dogecoins have been accumulated-suggesting that large holders are preparing themselves for a possible price rally.

Whale behavior is often an important indicator in predicting price movements, and this accumulation trend reflects growing confidence in Dogecoin’s prospects.

Many analysts believe that if the price of DOGE is able to break through important resistance zones, such as at $0.18, then the potential for an upward movement will be wide open. The current accumulation activity by whales is a major supporting factor for such a potential rally.

Meanwhile, another analyst named Kevin mentioned that Dogecoin is currently at a crucial support level, which is around $0.139. This level is considered the “last line” of support for the bull market.

The weekly demand candle from last week shows potential strength, but it is imperative for DOGE to maintain this level. Technical indicators such as the 3-day MACD, weekly Stoch RSI, and 2-weekly Stoch RSI are all nearing full reset points.

Read also: 3 BNB Meme Coin Poised to Explode by End of March 2025

If Dogecoin fails to hold the $0.139 level at the weekly close, then there is potential for a price drop. However, the risk-reward ratio is still very attractive for traders looking to enter.

Plus, with Bitcoin remaining above $70,000, this signals that Dogecoin may be gearing up for a strong upward move.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Analyst Predicts Dogecoin Price Rally To $20, Here’s When. Accessed on March 24, 2025