3 Charts Hint Dogecoin Price Could Hit $1 As Whales Accumulate 550M DOGE

Dogecoin’s (DOGE) exponential.rally allowed it to overcome a key resistance level as meme coins and other altcoins rallied last week. A mix of the optimistic crypto conditions coupled with whales accumulating half a billion DOGE tokens suggests that its price could extend this rally and tag $1 soon.

Dogecoin Climb as Whales Accumulate 550 Million DOGE 

According to Sanitment data, Dogecoin whales are clearly accumulating and explains why the price may surge to $1 soon. When high net worth investors such as whales buy, they have the ability to instill confidence and move markets.

The chart attached below shows that such investors accumulated over 550 million DOGE between January 1 and today. With Dogecoin price trading around $0.410, these tokens are worth over $245 million. Altogether, whales have bought over 22.49 billion DOGE coins in the past few months. This accumulation is notable because the meme token was in consolidation and is likely to result in a massive move to the upside.

Dogecoin Price Forecast Using Fibonacci Extension Tool

The other chart focuses on the Fibonacci Extension. This tool is added by connecting key swings and identifying key levels. In this case, connecting the highest and lowest levels in November and December shows that the 361% extension lands at $1.0790. That is a sign that the value of DOGE will rally to $1 in the long term. 

DOGE Reveals A Bullish Pennant Pattern

The third chart shows that Dogecoin price is slowly forming a bullish pennant chart pattern on the weekly chart. This pattern’s flag pole started forming in September when it bottomed at $0.0837. It then reached a high of $0.4840 in November. 

The recent consolidation is part of the formation of the symmetrical triangle pattern. This means that a bullish breakout may happen when the triangle nears its confluence in the next few months. 

A look back at this chart shows that there is no important resistance from the upper side of the pennant to its ATH. As such, a break above $0.4840 will signal more gains potentially to the all-time high of $0.7447, up by 80% from the current level. 

This breakout will then lead to a jump to the next psychological point at $1. There is precedence to all this. Bitcoin price jumped to the 2021 high of near $70,000 in 2024, and then moved ahead to get to a new high of $108,000 this year. 

A key caveat is that this is a weekly chart, meaning that the surge to $1 will likely take time since each bar represents 1 week. 

The bullish Dogecoin price forecast to $1 will become invalid if it drops below the support at $$0.25, the lower side of the pennant.