Dogecoin (DOGE) could rise another 30% if its price stays at this level: analyst

The price of Dogecoin has been on the move in recent weeks, having risen 30% since September 7th.

Recent data provided by popular cryptocurrency analyst Ali hints at another similar rally should the meme coin decisively conquer the $0.11 resistance.

Along with the rest of the market, DOGE poured heavily in the first week of September, going from over $0.1 to a multi-week low of $0.089 (on Bitstamp).

However, it started to recover soon after and today exceeded $0.11. In fact, it’s currently at $0.114, which means it’s up 28% from the aforementioned low.

According to Ali, more than 62,000 wallets hold more than 36 billion of the OG meme coin bought at this $0.111 level, making it a crucial psychological resistance.

If they decide to hold on to their holdings rather than sell them at smaller gains, DOGE’s price increase may continue in the coming weeks. Ali claimed that there are no “major supply walls in sight,” which could send the meme coin to $0.15. This could represent another 30% increase from their current price levels.

#Dogecoin it has broken through the $0.111 resistance, where 62,270 addresses hold more than 36 billion $DOGE. yes #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z

— Ali (@ali_charts) September 26, 2024

The biggest meme coin has something else going its way: whales. The analyst showed another chart indicating that these big investors have accumulated approximately $140 million of DOGE in just two days, which could be the catalyst for another rally.

#Dogecoin the whales bought over 1.4 billion $DOGE in the last 48 hours, worth about 140 million dollars! pic.twitter.com/mBXMti2y3V

— Ali (@ali_charts) September 26, 2024

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