Dogecoin (DOGE) Price Prediction: WHales and Short-Term Holders Boost the Meme Coin's Upward Trajectory

Leading meme coin Dogecoin (DOGE) has been on an upward trajectory in recent weeks. Noting a 45% gain over the past 30 days, it's currently trading at $0.17, its highest level since May.

Dogecoin (DOGE) has been enjoying a nice run lately, thanks in part to the meme coin’s popularity and the overall bullish sentiment in the crypto market. But what’s next for DOGE? Could it really hit $0.22 by the end of 2024?

Here are some factors that could help DOGE reach that target.

Dogecoin Whales and Short-Term Holders Boost Price

One factor that has been driving DOGE’s recent rally is activity by Dogecoin whales and short-term holders.

According to IntoTheBlock, Dogecoin whale activity has increased over the past month, with large holders’ netflow rising by 15%.

Meanwhile, short-term holders have also been boosting DOGE’s price by increasing their average holding period. According to IntoTheBlock, STHs are now holding their DOGE for an average of 39% longer than they were a month ago.

Typically, an increase in holding time signals that these investors are choosing to hold their assets for extended periods. This trend is bullish for Dogecoin, as STHs frequently account for a sizable portion of the asset’s circulating supply.

Therefore, when these holders opt to hold onto their positions, overall selling pressure in the market is reduced.

DOGE Price Prediction: This Support Level Is Key

Currently, DOGE is trading at $0.17, aiming to establish this level as support.

With sustained buying pressure, DOGE could maintain this support level and prepare to test the critical resistance at $0.19. Successfully breaching this resistance would pave the way for DOGE to reclaim its year-to-date high of $0.22, last seen in March.

However, if selling pressure intensifies, preventing DOGE from holding the $0.17 support level, it may trigger a downward trend. In this scenario, DOGE could seek support around $0.13, a 20% decline from its current price.

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