Dogecoin Rises 18% in One Week: Will Whales Push $DOGE Price to $1?

The price of Dogecoin is reported to have increased by 18% in the past week, with whale-related transactions seeing an astonishing 400% surge. Santiment data shows that wealthy investors often utilize transactions worth over $100,000 during accumulation. Experts believe that approaching key points will allow Dogecoin to surpass barriers and reach the symbolic $1 mark. The activities of whales help maintain the price increase The increase in whale-related transactions by four hundred percent over the past day has somehow impacted the Dogecoin price trend. This surge was revealed by Santiment, a well-known blockchain analysis company, attributing it to increased activity from wealthy investors. "Whale moves are often interpreted as signals of accumulation or preparation for major price changes," said a cryptocurrency analyst, Laura Becker. "Such behavior was seen in the past before there was a positive trend in cryptocurrencies including 'Dogecoins'. Alongside the increasing involvement of whales in trades, the daily trading volume of Dogecoin has surged, indicating higher certainty among retail and institutional traders. This suggests that current whales rely on continued price increases as more Dogecoins approach the important psychological level around $0.40. Some experts expect this currency to rise to $0.50 in the short term and $1 in the long term, while analysts believe that breaking through this resistance level could lead to additional growth. Technical indicators suggest a price increase However, its technical indicators reflect the general sentiment of the majority of the trading community - optimism. The TradingView data has entered a breakthrough phase from the recent consolidation zone with increased volume and liquidity. The money flow, according to the Chaikin Money Flow (CMF) indicator, is still positive at 0.06. This implies that there is still strong demand from the markets, thus indicating buying pressure. Lin, a technical analyst at MarketPulse, added: "The RSI of Dogecoin is still lower than the overbought level, so the price may continue to rise without a strong decline." The resistance level at $0.40 still prevails. Failing to maintain this level not only indicates further increases but also may attract more investors who want to invest in Dogecoin with a bullish view. The road to 1 dollar: Is it real? Members of the Dogecoin community call this achievement the 1 dollar target, and now this dream has become a reality. Although the latest price increase began after the actions of whales and some fundamental factors, such as the increase in and partnerships with airlines, appeared, other market factors may affect the token price. Another factor is macroeconomic factors, in which changes in interest rates of the Federal Reserve have an impact on all financial markets, including the futures market. Another factor is that there may be some profits derived from whales, which can cause short-term noise. However, these factors are overshadowed by the widespread adoption of cryptocurrency and the continued expansion of its use among retailers and merchants. While other analysts observe increasing whale activity, a large number of them still pin their hopes on DOGE to reach the $1 target. Conclusion on Dogecoin price prediction The 18% weekly growth is driven by a 400% increase in whale transactions, highlighting the appeal of Dogecoin to both institutional buyers and individuals. The short-term resistance level at $0.40 is still holding strong, although technical indicators are more optimistic about the fundamentals. The $1 target may seem high in the past, but as recent trends have shown, the closer we get to achieving the target, the better. DYOR! #Write2Earn #Write&Earn $DOGE {spot}(DOGEUSDT)