Dogecoin (DOGE) price is gaining attention as large investors have accumulated 150 million DOGE in just 72 hours. This increase in whale holdings suggests growing confidence among investors, which could influence future price movements.

Analysts indicate that this accumulation is a foundation for a rally, with technical patterns suggesting a bullish breakout. Some projections even point to DOGE price reaching as high as $5 if key resistance levels are broken.

Dogecoin Price Prediction: Could $5 Be Next?

Dogecoin price is showing signs of a rally, as technical analysis suggests a bullish continuation pattern forming on the charts. Analysts indicate that DOGE is currently shaping a cup-and-handle formation, a setup often associated with long-term upward momentum. The pattern, which spans multiple years, suggests that Dogecoin price may be in the final stages before a breakout.

The declining trendline, in place since Dogecoin price previous peak in 2021, appears to have been broken, signaling a possible shift in momentum. This rounded base of the cup suggests that accumulation has been taking place over time, with a slight pullback (handle) expected before a strong upward move. If the breakout materializes, analysts anticipate that Dogecoin price could surpass key resistance levels and accelerate toward $5.

More so, most recently, Dogecoin wallet addresses have surged to an all-time high of 83.48 million, reflecting a growing interest in the meme coin. This spike in activity, coupled with whale accumulation, suggests strong bullish momentum.

DOGE Whales Boost Accumulation

Additionally, DOGE whales have purchased 150 million tokens in the past 72 hours, according to data shared by analyst Ali Martinez. Whale accumulation often signals a bullish trend, as large investors position themselves in anticipation of price increases. 

The impact of whale accumulation can influence the market, as sustained buying pressure helps establish stronger support levels. If this trend continues, it could reinforce the possibility of a rally, with Dogecoin price potentially pushing beyond its immediate resistance.

Key Resistance Levels to Watch

For Dogecoin price to continue its upward trajectory, it must overcome key resistance levels. Analysts have identified major price targets at $0.75, $1.50, and $2.70. These levels represent potential points of selling pressure, where investors may take profits before the next leg up.

If the top meme coin manages to break through $0.75, momentum could carry the price toward $1.50. A sustained rally beyond this level would increase the likelihood of reaching $2.70. Analysts speculate that continued accumulation by DOGE whales, Dogecoin price could extend its gains toward $5. 

At the time of writing, Dogecoin price is $0.20, with a market cap of $29.7 billion and a 24-hour trading volume of $1.75 billion, reflecting heightened market activity.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.