Dogecoin (DOGE) Price Soars with Whale Activity: Will It Hit $0.37 by October?
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Dogecoin (DOGE) is creating excitement in the crypto world as it remains a favorite among retail traders. Recently, actions from large investors, have raised hopes for a big price increase. Meanwhile, top crypto analysts believe & current market indicators believe Dogecoin could reach $0.37 in the short term and even touch $1 in the long run.
Doge To Hit $0.37 by Oct End
Over the past week, Dogecoin has seen an impressive 22% increase, with its 24-hour trading volume soaring to $1.9 billion, a jump of 35%. Meanwhile, Dogecoin is trading around $0.14, reflecting an increase of about 3% in the last 24 hours.
According to recent data from Coinglass, while short-term futures traders have turned bearish, long-term traders remain optimistic. This suggests that many investors believe DOGE’s price will rise soon.
A significant indicator of Dogecoin’s potential is its holder profitability, which recently reached a four-month high. Currently, 81% of all circulating DOGE is in profit, a situation not seen since July 7, 2024.
Interestingly, short-term holders (those who have held for 30 days) have now surpassed long-term holders (those who have held for 365 days) in terms of profit, indicating a possible strategy shift to lock in gains.
Long-Term Potential for Dogecoin
In addition to the positive short-term outlook, analysts are also optimistic about Dogecoin’s future. A notable crypto trader Crow recently compared Dogecoin to Bitcoin, suggesting that it could eventually break the $1 mark.
This view is supported by whale activity, as one investor recently bought 155.11 million DOGE, worth $21.65 million, through Robinhood Markets. Such a large purchase indicates rising confidence in Dogecoin’s future potential.
Dogecoin Price Analysis
Analyzing the price trends, Dogecoin has been on a bullish path lately. Meanwhile, the rising 50-day moving average indicates strong short-term momentum. However, some bearish sentiment remains, as the Fibonacci retracement tool suggests a potential dip to around $0.1322.
If the upward trend continues, analysts believe it Dogecoin’s price could rebound and surge toward the $0.37 target, with key levels of $0.18, $0.23, and $0.29 along the way in the next 2 weeks.
