Dogecoin price jumps as whale accumulation and rising trading volume fuel bullish momentum, driving gains over the past week.
Over the past week, Dogecoin’s (DOGE) value has risen due to increased trading volume and more purchases from big investors.
Because of a strong technical breakout and encouraging chart patterns, the price of Dogecoin increased by 5% over the past day.
Dogecoin Price Surpasses $0.2
According to CoinMarketCap data, Dogecoin price increased by 5% from July 13 to July 14, rising from $0.205 to $0.2094.
Its volume bikes, which saw a 78% growth, are responsible for this.
According to CoinGlass data, futures volume reached its most significant level of the month, surging past $1.48 billion.
This also highlights significant whale movement that drives the market motion.
The price of Dogecoin has soared over a crucial level of $0.205 and has remained there despite several setbacks.
The price increased further to a late burst that exceeded $0.2094 as strong purchasers maintained their enthusiasm.
Bullish trends in the cryptocurrency industry accompanied the rise in Dogecoin’s price.
Bitcoin’s market value increased to $2.4 trillion after hitting a new high of over $121,000, which boosted the altcoin industry as a whole.
The altcoin market, represented by the “Total 2” index, indicates that a complete bull phase may be imminent.
Analysts contend that altcoins, like Dogecoin, are accumulating the ideal balance of technical strength, whale accumulation, and macro optimism.
Notably, cryptocurrency expert Kaleo recently revealed that he has heard speculations that an ETF for Dogecoin would be approved sooner rather than later.
According to Polymarket, there is a 75% chance that a DOGE ETF would be approved by the end of 2025.
Kaleo is nevertheless optimistic, pointing out that this figure may rise rapidly to 100%.
Experts Forecast Bull Run In Dogecoin Prices
Some experts expect the price of Dogecoin to rise much further.
According to trader Tardigrade, Dogecoin has entered a segment of an Ascending Broadening Wedge pattern, which historically has the potential to produce notable upward movements.
He also predicted that Dogecoin’s price might eventually reach $1.
Traders are keeping a careful eye on Dogecoin in the short term to see whether the price can break over the resistance area of $0.213–$0.215 and hold above $0.208–$0.210.
The bullish structure would be broken if the price dropped below $0.198. However, whale flows and volume patterns indicate that trust is still high.
As Bitcoin continues its record-breaking run, cryptocurrency analyst Carl Moon offered his thoughts on the Dogecoin price prognosis.
Carl states that the neckline resistance at $0.24 is DOGE’s immediate goal.
He thinks Dogecoin’s price might rise significantly toward $0.33 if it can break over this crucial barrier.
“Many of you are asking about the future of #Dogecoin as #Bitcoin continues to hit new ATHs!” Carl noted, highlighting the potential for a significant upside move if momentum holds.
