After showing a lot of weakness during the start of 2022, Dogecoin (DOGE) is rebounding and appears to be on the cusp of an uptrend that could send it to obscene heights. The dog-themed meme token is attracting whale activity in fact, over the last few days, the top 1000 whales on BSC have been buying DOGE in droves. So, where will the price go? First, some highlights:
We have seen an explosion of on-chain activity surrounding Dogecoin (DOGE) the last few days, suggesting increased whale buying.
At the time of writing, Dogecoin (DOGE) had rebounded by nearly 10%, trading at $0.1707
Despite this, Dogecoin (DOGE) is still around 75% down from its 2021 all-time highs that came in May.
Data Source: Tradingview.com
Dogecoin (DOGE) – Price prediction and analysis
The new 2022-year hasn’t been kind to crypto. Just like altcoins, memecoins like Dogecoin (DOGE) have seen a consistent rout as downward pressure on the prices continues. But we are starting to see some recovery.
For starters, Dogecoin (DOGE) has rebounded by 10% in 24 hours and is up nearly 8% over the last 7 days. Things might even get better for Dogecoin (DOGE). The meme coin is seeing increased bullish whale activity, something that could push prices higher.
Despite this, some analysts are wary and argue that the coin must overcome resistance at 24 cents before any bullish surge happens. But if downside risks become more pronounced in the near term, Dogecoin (DOGE) could tumble to $0.09.
Should you buy Dogecoin (DOGE)
Dogecoin (DOGE) is a meme coin. In essence, it is a speculative asset that is not backed by any serious underlying fundamentals. In the long term, it's not the best asset to hold. However, the increased whale activity around the token gives short-term investors a decent entry point to earn from a potentially good short-term Dogecoin (DOGE) uptrend.