Dogecoin (DOGE) has surged more than 6% in the past 24 hours, sitting above a resilient $0.2307–$0.227 support zone. The crypto has rallied 17.75% in the past week, despite a small retrace. Doge is trading at $0.2365 at press time according to CoinMarketCap data.
If bullish momentum continues, the chart signals a potential 18.19% surge, targeting the $0.26 zone.
Besides, the rally is spurred by strong institutional interest, following whale accumulation of 1 billion DOGE ($200 million) in recent sessions. The large-holder ownership nears 50% of the supply.
This means that the concentrated buying reduces sell-side liquidity and signals institutional confidence. Further, the DOGE turnover ratio suggests sufficient market depth that would sustain momentum for the short term.
Per a trader, the DOGE price is now pushing toward the 0.28 target zone inside a bullish channel structure. “A break above 0.28 could open the path toward the higher 0.38 resistance area.”
Institutional investors have assigned odds as high as nearly 80% in the Polymarket for a potential Dogecoin ETF approval. Besides, the political and regulatory landscape has also changed significantly this year toward a crypto-lenient approach.
In June, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised odds of spot Dogecoin ETF approvals to 90%. They noted that altcoin ETFs, including DOGE and XRP, have a better chance of being approved by the SEC by the end of 2025.
The increase in the ETF speculation, along with whale activity and policy developments, suggests a possible higher price target in the coming months.
Dogecoin has reclaimed its 30-day simple moving average (SMA) with relative strength index (RSI) within the neutral zone at 57. This means there is room for an upside trend. Key resistance is at $0.263.
Bulls are expecting a breakout above $0.242–$0.245, which could unlock a secondary leg toward $0.25–$0.26. holding above the support zone would keep DOGE’s bullish thesis intact, setting up trends for a potential surge.
The post DOGE Price Rallies Over 6% After Whales Buy 1B Dogecoin – Is $0.30 Likely? appeared first on Cryptonews.
