DOGE Price to $2- Analyst Predicts Bullish Rally As ETF Approval Odds Surge and Whales Open $12M Longs

Dogecoin price might be getting ready for its next leg up after it pushed past a multi-week resistance. Because of this, an analyst now says that DOGE might get to $2. Meanwhile, the odds that the SEC is going to greenlight a spot ETF are rising, and this is attracting whale activity. DOGE trades at $0.24 today, August 9, with a 7.75% gain.

Dogecoin Price Targets $2 as Resistance Breaks

For two weeks now, the Dogecoin price has been facing strong resistance. This lies at $0.23, a level that it has finally managed to break through. Now, bulls have the task of turning this resistance into support.

Analyst Crypto Patel says that even if DOGE may be struggling to push past resistance, it has already established support at lower levels. He identifies one of these levels at $1.50.

Because there is a slim chance that the Dogecoin price will go below $0.15, the analyst observes that whales are buying at a strategic zone. This lies between $0.18 and $0.23. This is where addresses have been filling their bags.

Crypto Patel notes that as long as this accumulation zone is sustained, breakouts will happen, with the rally likely reaching $2. Getting to these levels just as the analyst forecasts is part of a short-term forecast for DOGE. A long-term Dogecoin price forecast for 2025 and beyond alludes to more gains being in the pipeline.

DOGE ETF Approval Odds Surge as Whales Open Long Positions- Is $2 Realistic?

The odds of the SEC approving a spot Dogecoin ETF have jumped. According to Polymarket data, they bounced from 51% on Thursday to 71%, reflecting renewed confidence that the US regulator could eventually give these products the go-ahead.

The reason behind this could be a shift in the US crypto space. CoinGape reported that President Trump has allowed crypto adoption in 401(k) retirement plans. Because of this, whales are stepping in. These large addresses tend to leverage a bullish situation on the Dogecoin price. Now they are opening new positions as they anticipate that another uptrend is going to happen.

Data from Hyperliquid shows that in just 24 hours, whales opened more than $12 million worth of long positions on Dogecoin. When this happens, it shows that they are willing to hold on to their positions even as Dogecoin tests resistance at which it has been rejected before.

To sum up, the Dogecoin price might be testing resistance again after several weeks, and whales are not giving up. With analysts flipping bullish and the odds of a spot Dogecoin ETF seeing the light of day increasing, more gains are likely.