While the king cryptocurrency continues to hover around $35,000, some altcoins are experiencing double-digit increases. However, DOGE is currently an exception to this. There are notable signals on the on-chain side and the DOGE chart has been showing an upward trend for a few days. So, what is the price target for Dogecoin? What can investors expect?
We recently mentioned that Dogecoin whales have been accumulating for a week. Dogecoin whales have also started accumulating. According to IntoTheBlock data, the accumulation of whales holding at least $100,000 worth of DOGE has increased from 7.65 billion to 9.35 billion. This indicates that crypto whales have significantly increased their investments in the past month.
Optimism is further strengthened as miner sales decrease. Typically, such a significant increase in whale holdings allows the price to rise further. However, despite strong demand, we have not yet seen a price recovery that can meet this demand.
Along with the demand from whales and the halt sales of miners, demand in spot markets is also strengthening. According to order book data from 10 crypto exchanges, including Binance and Coinbase, bulls have placed active orders to buy 872,000 DOGE at current prices. Meanwhile, sellers have 810 million DOGE ready for sale.
Therefore, due to the supply ready for sale below the current demand, the price needs to rise for one more reason. The current Dogecoin investors hold a portion of 18 billion DOGE worth at a cost of $0.081, keeping the meme coin king in their hands. This implies that a price increase may encounter a selling wave at $0.081.
However, if crypto whales continue to buy Dogecoin, the price rally could reach $0.1 as predicted. So, what about the opposite scenario? Closures below $0.066 for the DOGE price could reverse the bullish sentiment.
It should be noted here that in the event of a possible rapid decline in BTC, there could be a strong pullback supported by whale and miner sales. The DOGE community, which has not been able to benefit enough from the recent BTC rally, could lead the losses in a strong corrective movement. In a possible doomsday scenario, the new annual low of $0.035 could turn into a frightening reality.