Will official DOGE push the price to $1?

Since then, memecoins have attracted mainstream attention President Donald Trump launched his official tokenASSET. This sparked a wave of celebrity coins, as more and more well-known figures like Marc Cuban should throw their token. The ongoing wave has also offered a significant bullish push to the Dogecoin price, which has broken above the crucial resistance zone. Meanwhile, the token has faced equal bullish and bearish pressure over the past two days and hence the day’s close is expected to break the trend.

Not only have market participants become confident about the future DOGE Price rally with bullish sentiments exceeding 88%, but whales also forecast upside potential. As a result, they constantly accumulate DOGE, regardless of the prevailing market dynamics. According to data shared by a well-known analyst, Aliwhales holding between 10 million and 1 billion DOGE tokens purchased an additional 590 million in the last 24 hours.

As the chart above shows, whales have been steadily accumulating since the start of the second fortnight, showing huge bullish possibilities in the coming days. Currently, they hold over 47.7 billion DOGE tokens, approximately 30% of the total supply. So this is a fairly large number, enough to influence the rise in DOGE prices.

Regardless of whale accumulation and official DOGE, why does Dogecoin price remain range-bound? Will it ever reach $1?

Price is consolidating in a tight range as the strength, read by the ADX, is collapsing hard. This suggests that the bulls are failing to restart a strong rally, while the bears’ participation is minimal, which has kept the price almost range-bound. Furthermore, the MACD is also heading towards a bearish crossover while the RSI is hovering around the average. Despite the bearish indicators, DOGE price is poised for a bullish rebound.

As seen in the chart above, price is holding the 50-day MA as a strong base while both Bollinger Bands are showing bullish divergence. Therefore, as long as DOGE price remains above the ascending trendline it has held since the November breakout, the upside possibilities remain higher. Therefore, Dogecoin price is believed to hold above the support zone between $0.3626 and $0.3552, which could help the token surpass $0.4.

Regardless, bullish strength is expected to increase, which may increase buying pressure. With this, the possibility of Dogecoin (DOGE) price reaching $1 has increased, leading to a major change in market dynamics.

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