Dogecoin Price Prediction: Whale Buying Pushes DOGE to 23 Cents, But Resistance Still Strong
Every day a new story is told in the crypto market, and this time the spotlight is on Dogecoin. Popular meme coin DOGE once again surprised its loyal investors when its price rose above $0.22 and touched $0.23 for a short time. This jump was mainly due to whale-led buying, where large investors bought more than $200 million worth of DOGE within 24 hours. But the resistance zone did not allow the price to break out, and short-term traders started profit-booking. Now the question is—could this be the starting point of another historic bull run?
Dogecoin Price Prediction: Analyst’s Shocking Forecast
Popular crypto analyst Ali Martinez (@ali_charts) revealed in his August 7 analysis chart that Dogecoin is currently trading in a long-term ascending channel. The upper line of this channel acts as resistance, while the lower line provides strong support. This pattern has consistently created higher highs and higher lows over the past few years.
Martinez recalled that similar touchpoints led Dogecoin to massive bull runs in 2017 and 2021. During the 2017 run, DOGE gained more than 9,000%, and during the 2021 run, it climbed to 13,000%, trading near $0.73355. In fact, during the May 2021 bullish cycle, DOGE reached its all-time high of $0.7376.
Now Martinez says that Dogecoin is in a “historically strong buy zone” that has triggered major bull runs in the past. If this pattern repeats, the next few months could be very exciting for meme coin investors.
Dogecoin Price Prediction: Technical Analysis Overview
The price of DOGE increased by 4% from $0.22 to $0.23 between 04:00 UTC on August 8 and 03:00 UTC on August 9. This move was of $0.01, which shows 5% volatility. In the early session, the support at $0.22 held with strong bid-side volume when a trading volume of 262.2 million was seen.
But in the afternoon session, selling pressure increased sharply at the resistance zone of $0.23. The volume here was at its peak—780.9million. This supply zone was preventing any momentum above $0.23. In the late session, the price suddenly fell by 1% to $0.227, mainly due to institutional selling pressure. Trading volume in the final hour was 8x higher than normal, which gives a big exit signal.
Dogecoin Price Prediction: Whale Activity And Market Sentiment
According to market data, whales bought almost 1 billion DOGE within 24 hours, whose value is more than $200 million. This has led to large-holder ownership reaching nearly half of the circulating supply. This clearly shows that whales still hold a bullish sentiment, even if short-term resistance is in place.
Now the focus for traders is quite clear—whether the support at $0.22 will hold on the next test or not, and whether it will be possible to break the resistance at $0.23. If the supply zone is cleared, then the chance of a fresh breakout is quite strong. But if large holders start profit-taking, then price consolidation or minor correction is possible in the short term.
Dogecoin Price Prediction: Impact of Meme Coin Sentiment
The price of Dogecoin depends heavily not just on technical but also on the broader meme coin sentiment. When the meme coin community is bullish, both the volume and price momentum of DOGE become high. Positive chatter starts coming on platforms like Twitter, Reddit, and Telegram, which triggers FOMO (Fear of Missing Out).
In the current situation, the sentiment for DOGE is shifting from neutral to the bullish side. The crypto market has been recovering since the tariff announcement, and DOGE has recorded a rise of almost 3.5% in the last 24 hours. If global market stability is maintained, the possibility of a meme coin rally could increase.
Dogecoin Price Prediction: Is a Bull Run Possible Next?
If historical data is looked at, when Dogecoin is in the “buy zone,” then significant price surges can be seen in the next few months. However, the market is unpredictable. The continued buying of whales is a positive signal, but without a resistance breakout, any major rally cannot be sustained.
Volatility is quite high for short-term traders, so be prepared for sudden spikes and drops. For long-term holders, the current price can be an accumulation opportunity—but only for those who invest after understanding the risk.
Disclaimer:
This article is for informational purposes only. The views or price predictions expressed here are not financial advice. Cryptocurrency investments are risky, and prices can be volatile. Do your research and seek advice from a financial advisor before investing.
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