Dogecoin price has been facing challenges in its recovery, with significant volatility in the market following Bybit’s $1.4 billion hack. Despite this, some altcoins are showing strength, and analysts are eyeing the $3 mark for DOGE if key support levels hold. The market saw over $566 million liquidated in the past day, adding to the uncertainty. Growing whale activity also adds to the outlook for Dogecoin, with the potential for a bullish reversal. The question remains: will DOGE price hit $3 or dip below $2?
Crypto expert Ali recently shared a technical analysis of Dogecoin, indicating that the price is within an ascending parallel channel with a target of $3. The support zone for DOGE price is between $0.19 and $0.16, aligning with the lower trend line of the pattern. If this level holds, investors could expect a recovery rally towards the target price. However, there are key levels such as $0.569, $1, $2, and $2.773 where Dogecoin price might pause before reaching $3. The ascending parallel channel pattern suggests bullish momentum, with higher highs and higher lows indicating an uptrend.
The recent DOGE price has been fluctuating around $0.24, experiencing a 4% decrease as of February 22, 2025. The meme coin has faced a correction in the past days, testing the lower support level near $0.24. Despite consistent bounces at this level, resistance at $0.3 has been holding strong. The Relative Strength Index (RSI) at 38 indicates potential oversold conditions, while the MACD signals weakening momentum with a negative crossover. If the support at $0.24 holds, there might be a bounce towards $0.25 and potentially $0.30. However, failure to hold support could see a downside target of $0.20.
Dogecoin has seen a price decline recently, coinciding with fluctuating whale activities in the market. Transactions by DOGE whales above $100K have increased, nearing 51.454, while the proportion of total stablecoin supply held by whales exceeding $5 million USD has also seen changes. While whale activity suggests accumulation and buying the dips, the stablecoin holdings indicate cautious investor behavior. Despite this, if Dogecoin support levels hold amid whale activity, a potential surge towards $3 is possible, though uncertainty and potential dips below $2 remain.
In conclusion, Dogecoin’s price outlook remains uncertain, with the potential for a surge towards $3 if key support levels hold. However, market volatility, whale movements, and fluctuating conditions introduce challenges and the possibility of dips below $2. Investors should closely monitor support levels, whale activity, and market conditions to make informed decisions about their Dogecoin investments.
