Amid the ongoing bullish reversal in the cryptocurrency market, the Dogecoin price has regained momentum by recovering its multi-month losses. Notably, the memecoin market is currently valued at just over $68 billion, with Dogecoin itself dominating over 50% of the segment valuation.
Following this, dormant investors are closely watching over the price action of this altcoin. Moreover, increased whale activity and adoption could act as a catalyst for this memecoin to head toward its 52-week high soon. Are you one of many who are considering DOGE memecoin in your portfolio? Read our possible DOGE price prediction today to uncover potential mysteries.
Dogecoin Records Increased Whale Wallet Movement
Ali charts, a well-known crypto analyst has recently posted a tweet on his “X” (Previously Twitter) about the on-chain sentiment of the DOGE memecoin. Through his post, he highlights the bullish increase in the dynamics of the largest memecoin.
As per the latest data of Santiment, a highly-reputed on-chain platform, the Dogecoin crypto whales have made a collective purchase of over one billion dollars. This highlights a steady rise in the accumulation phase among the whales and institutional investors.
DOGE Price Sees Bullish Action
The price of Dogecoin memecoin has jumped 4.18% in 24 hours with a trading volume of $2.14 billion. With a market capitalization of $34.12 billion and a circulating supply of 149.28 billion DOGE tokens, this crypto is presently exchanging hands at $0.22777.
The Cross EMA 50/200-day has displayed increased positive influence and is on the path of experiencing a Golden Cross in the daily time frame. This suggests a significant uptrend in the bullish sentiment for the largest memecoin in the market.
Moreover, the Relative Strength Index (RSI) has stabilized above the neutral trendline. Moreover, its average is about to record a positive convergence in the Dogecoin price chart. This highlights that this meme coin may continue rallying during the coming days.
Will Dogecoin Price Rise Again This Month?
If the odds favor the bulls, the Doge memecoin could retest its immediate resistance level of $0.243. Adding to this, if the bullish sentiment intensifies, in that case, the price of Dogecoin could head toward its multi-month high of $0.286 this month.
Conversely, if the bears gain dominance, it could drop toward its important support level of $0.20. Furthermore, if the bulls fail to regain momentum at that point, this could result in this memecoin plunging toward its May low in the upcoming week.
Also Read: Dogecoin vs Shiba Inu: Which is a Better Investment for May 2025?
