Dogecoin News Today: Dogecoin Surpasses $0.23 Resistance Level With 7.75% Daily Gain

The Dogecoin price recently broke through the $0.23 resistance level, a key threshold it had tested for two weeks, and is now trading at $0.24 as of the latest update, representing a 7.75% increase within the day [1]. Analysts have noted that this breakout could signal the beginning of a bullish trend, with some forecasts suggesting the price may climb as high as $2 if the current momentum persists. The upward movement is supported by strong accumulation from large investors, or "whales," who have been purchasing DOGE within the $0.18 to $0.23 range [1]. This strategic buying pattern is seen as a critical factor in maintaining and accelerating the price’s upward trajectory.

Crypto Patel, a well-known analyst in the crypto space, has highlighted the significance of the $0.15 support level, stating that this floor provides a solid base for DOGE in the event of a pullback [1]. He further explained that as long as whale activity remains consistent, upward moves are likely. Patel's analysis aligns with broader market sentiment, with the DogeArmy showing signs of increased engagement and optimism about a potential breakout. Accumulation within the $0.18–$0.23 range could lead to price targets of $0.50, $1, and potentially even $2, depending on continued buying pressure [1].

In addition to on-chain activity, the likelihood of a spot Dogecoin ETF approval has increased from 51% to 71% in recent days, according to Polymarket data [1]. Analysts attribute this shift to evolving U.S. crypto regulations, particularly following the recent policy change allowing crypto investments in 401(k) retirement plans. This development has spurred whale participation, with Hyperliquid reporting $12 million in new long positions in DOGE within a 24-hour period [1]. These large investors are now positioned to benefit from potential ETF-related demand, further reinforcing the bullish outlook.

The growing confidence in Dogecoin's future is reflected in both market activity and institutional interest, with whales and analysts alike watching for signs of a sustained rally. While the $2 price target remains speculative and contingent on continued accumulation and favorable regulatory developments, the current price action suggests DOGE is on a path that could lead to significant gains in the near term.

Source: [1]Will DOGE Price Hit $2? Dogecoin ETF Hopes and Whale Buys Spark Rally Talk (https://blockonomi.com/will-doge-price-hit-2-dogecoin-etf-hopes-and-whale-buys-spark-rally-talk/)