Dogecoin (DOGE) price may rise by another 30% if it holds this level: analyst

Dogecoin's price has been on a roll for the past few weeks, with a nearly 30% increase since September 7th.

The latest data provided by popular cryptocurrency analyst Ali hinted at another similar rally where mm coin decisively broke through the $0.11 resistance.

Along with the rest of the market, DOGE fell hard in the first week of September, falling more than $0.1 to a multi-week low of $0.089 (per Bitstamp).

However, it started to recover after a while and crossed $0.11 earlier today. In fact, it currently sits at $0.114, which means it has increased by 28% since the aforementioned low.

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

If they decide to hold on to their holdings rather than sell at a small profit, DOGE's price increase could continue over the next few weeks. Ali says there are no “major supply walls in sight” that could send the meme coin to $0.15. This could be another 30% increase from the current price level.

#Dogecoin breaks above $0.111 resistance, 62,270 addresses hold over $36 billion. If #DOGE takes this step, it can confirm the occurrence of bullying. 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 big meme coin has something else – whales. The analyst showed another graph showing that such big investors accumulated roughly $140 million worth of DOGE in two days, which could be the reason for another rally.

#Dogecoin whales have bought over $1.40 billion in the last 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V

— Ali (@ali_charts) September 26, 2024