Why is Dogecoin Price Up Today?

The Dogecoin price has staged a notable rally, climbing more than 12% in the past 24 hours. The surge follows a mix of various bullish indicators, signaling further upward momentum.

Dogecoin Price Nears $0.25 as Rally Grows

Data from CoinMarketCap shows that the Dogecoin price has increased by 12% in the last 24 hours, reaching as high as $0.26. Its seven-day gain now stands at 24%.

The confirmation of a Golden Cross on the top meme coin’s daily chart is an important indicator for the most recent move. Historically, notable Dogecoin price rallies have been preceded by this bullish setup.  In late 2023 and early 2024, similar formations led to gains of 25% to 130% in a matter of weeks. 

Analysts claim that the crossover, which is currently forming close to the $0.20 level, acts as a crucial support zone, reducing the likelihood of a decline.

Blockchain data also shows that large holders recently purchased 1.08 billion DOGE, worth more than $200 million, over 48 hours. This increased whale ownership to about 50% of the total supply in circulation.

Such concentrated buying can create a “supply squeeze,” pushing prices upward by reducing sell-side liquidity. Analysts note that whales have historically used price zones between $0.23 and $0.25 as launchpads for bigger rallies.

In addition, Coinglass data shows that options volume increased 80% to $932 million, while open interest in Dogecoin futures increased 16% to $3.7 billion. Since funding rates are still neutral at +0.0093%, the rally is not being driven by excessive leverage. But with almost $40 million in Bitcoin liquidations in the last day, overall market volatility is still a worry.

Adding to the bullish sentiment, Polymarket places the likelihood of a U.S.-approved Dogecoin ETF at 75%. Asset manager 21Shares had filed an S-1 form in April with the U.S. SEC for a spot DOGE ETF, making it the third firm to do so after Grayscale and Bitwise.

Grayscale’s own spot Dogecoin ETF application, filed in March, is still under SEC review. The regulator is also considering more than 70 other altcoin ETF proposals, including those for XRP, Solana, and Litecoin.

Experts Project Higher Targets For The Dogecoin Price

Experts believe the rally could extend in the coming weeks. In a recent X post, Trader Kaleo compared the current DOGE/BTC chart to early 2021 patterns. He suggested that  “it’s only a matter of time” before corporate treasuries consider large-scale DOGE purchases. He even floated a bold long-term target of $6.9420.

As CoinGape reported, crypto analyst Crypto Patel predicted that DOGE may reach $2 as the price sits in a strong accumulation zone between $0.18 and $0.23. The analyst noted that as long as this accumulation zone is sustained, breakouts will happen, with the rally likely reaching $2.

Additionally, technical analyst Ali highlighted a bullish flag forming on Dogecoin’s hourly chart. He also projected a near-term target of $0.27 if the pattern breaks to the upside.