Large investors continue to accumulate Dogecoin, signaling potential future price increases for the asset.
Whale Accumulation in the Dogecoin Market
On-chain data indicates that in March, large investors acquired over 220 million DOGE. This level of accumulation suggests that high-net-worth investors are bullish on the asset, despite recent price volatility.
Key Resistance Levels for Dogecoin
Dogecoin is facing strong resistance at $0.18 and $0.21, based on historical trading activity. Around 8% of the total DOGE supply was transacted at $0.18, with 7% at $0.21. If the price surpasses these levels, experts predict a potential for further upward movement.
Long-Term Price Forecast for Dogecoin
Analyst Javon Marks notes a long-term target for Dogecoin at $0.6533, representing a potential increase of over 270% from its current value. Technical analysis shows the asset has been trending higher lows, indicating sustained buying pressure.
The growing interest from large investors and technical analyses suggest an optimistic outlook for a potential price increase in Dogecoin under favorable market conditions.
