Despite turbulence in the broader crypto market for most of the week, Dogecoin (DOGE) displayed remarkable resilience on Friday, maintaining a steady momentum amidst the fluctuations.
Notably, this resilience coincided with a significant uptick in exchange withdrawals, signaling growing optimism in token’s future price. Earlier in the day, renowned crypto analyst Ali Martinez highlighted a remarkable surge in activity, with whales injecting a staggering $112 million into Dogecoin during a 72-hour buying spree, signaling a renewed fervor for the digital asset.
Notably, Whale Alert, a service tracking large crypto transactions, also highlighted several substantial movements, including a transfer of 90,000,000 DOGE worth $14.3 million from Robinhood to an unknown wallet. Another substantial transaction involved the transfer of 499,420,696 DOGE, valued at $81.1 million, from one unknown wallet to another. These transactions followed a significant movement on Thursday, involving the transfer of 970 million DOGE, worth $156.93 million, between unknown wallets.
Interestingly, the sudden surge in interest coincides with reports of Elon Musk and former President Donald Trump’s involvement in the crypto space. On Wednesdays, several sources reported that Elon Musk, a vocal supporter of Dogecoin, is reportedly in discussions with former President Donald Trump, who has recently intensified his advocacy for Bitcoin and other cryptocurrencies. Speculation around Musk’s influence on cryptocurrency policies and his endorsement of Dogecoin has fueled investor confidence.
Meanwhile, amidst, these developments, analysts have expressed optimism regarding Dogecoin’s price trajectory. In a tweet, analyst Altcoin Sherpa expressed bullish sentiments, describing Dogecoin’s move to $0.40 as one of the safest trades in the current cycle.Â
“All it takes is 1 retarded Elon tweet to blow it up” the pundit tweeted, noting that such a move would trigger a wall of investors into buying the token, driving prices parabolic.Â
Elsewhere, analyst Crypto Patel outlined $0.14 and $0.15 as key buy zone for traders to watch, emphasizing a target of $0.20 in the short term. Similarly, another expert, Arman Shaban, labeled Dogecoin’s current price range as an accumulation phase, projecting significant growth in the near future with targets set at $0.229, $0.35, $0.374, and $0.75.
“I continue to anticipate explosive growth for Dogecoin in the near future. The expected long-term return for this cryptocurrency is over 300%,” wrote Shaban.
However, despite the prevailing optimism, Dogecoin faces significant resistance levels, particularly around $0.166 to $0.171, where a substantial number of addresses hold significant amounts of the cryptocurrency. Overcoming these barriers could pave the way for further gains, with the next key resistance level projected around $0.322.
DOGE traded at $0.155 at press time, reflecting a 2.96% loss over the past 24 hours. Notably, after surpassing Cardano, DOGE has become the eighth-largest cryptocurrency by market capitalization at $22.5 billion.
