DOGE rises more than 6% after a whale buys 1 billion Dogecoin - Is the price level of $0.30 feasible?

Dogecoin (DOGE) has increased by more than 6% in the past 24 hours, surpassing the solid support zone of 0.2307–0.227 dollars. This cryptocurrency has risen by 17.75% over the past week, despite a slight correction. According to data from CoinMarketCap, Doge is trading at 0.2365 dollars at the time of writing.

If the price increase continues, the chart will signal a potential increase of 18.19%, aiming for the zone of $0.26. Additionally, the price increase is further driven by strong institutional interest, after whales accumulated 1 billion DOGE (200 million dollars) in recent sessions. The ownership rate of large investors is nearing 50% of the supply.

This means that concentrated buying pressure reduces selling liquidity and reflects the confidence of institutions. Furthermore, the DOGE turnover rate indicates that the market depth is sufficient to sustain the upward momentum in the short term. According to a trader, the price of DOGE is currently heading towards the target zone of 0.28 within the bullish channel structure. "Breaking through the 0.28 level could pave the way towards the higher resistance zone of 0.38." Potential Approval of Dogecoin ETF and Its Broader Adoption Capability Institutional investors have bet on the likelihood of Dogecoin ETF approval reaching nearly 80% on Polymarket. In addition, the political and legal landscape has also changed significantly this year in a more open direction towards cryptocurrency. In June, Bloomberg's ETF analysts Eric Balchunas and James Seyffart raised the approval rate for the spot Dogecoin ETF to 90%. They noted that altcoin ETFs, including DOGE and XRP, are more likely to be approved by the SEC by the end of 2025. The increase in ETF speculation, along with the activities of whales and policy developments, suggests that the price target could be higher in the coming months. Technical Momentum $DOGE Dogecoin has reclaimed the simple moving average (SMA) of 30 days with the relative strength index (RSI) in the neutral zone at level 57. This means that the uptrend still has potential. The important resistance level is $0.263. Bullish speculators are hoping that the price will break above the 0.242–0.245 dollar level, which could open up a secondary bullish move towards the 0.25–0.26 dollar range. Holding the price above the support zone will maintain the bullish thesis for DOGE, setting the stage for a potential price increase.