- Dogecoin price has continued rising and moved to a bull market.
- On-chain data shows that activity has continued rising, with the number of wallets rising by 28%.
- The uptrend may continue in the coming weeks, potentially to $0.1176.
Dogecoin price continued its recent climb today, April 30th, as numerous catalysts aligned. DOGE rose for three consecutive days, reaching its highest level since February 15 of this year. It has jumped by 20% from its lowest level this year, meaning it is in a technical bull market.
Dogecoin Price Jumps as Whale Activity Rises
There are a few reasons why the Dogecoin price has jumped recently, even as Bitcoin and other altcoins stalled. One key reason is that whale activity has increased in the past few weeks, a sign that these investors expect the price to keep rising in the near term.
At the same time, data shows that wallet activity has risen, with the number of wallet addresses rising by nearly 30%. This action is happening as the coin remains near its lowest level in years, meaning that long-term investors are buying the dip.
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DOGE price also jumped after Grayscale listed a physically backed exchange-traded product (ETP) on Xetra, allowing institutional investors to buy.
Still, the challenge is how to get demand for the product, as US DOGE ETFs have demonstrated. Data shows that these funds now hold $12 million in assets, following a net inflow of $9.63 million. In a note, Jordan Jefferson, the founder of DogeOS, said:
“I think investors are also positioning for what’s coming later this year. The X payments angle remains unconfirmed, but the market is starting to price in that upside. Beyond that, the Brag House merger with House of Doge is closing, which points to a serious payment infrastructure and financial products play built on Dogecoin.”
DOGE Price Prediction: Technical Analysis
Technicals also explain why Dogecoin price has rebounded recently. The daily timeframe chart shows that the coin found a floor at $0.0837, where it failed to move below several times this year.
Dogecoin price has moved above the 100-day Exponential Moving Average (EMA), a sign that bulls are gaining momentum. The Relative Strength Index (RSI) has continued rising and is nearing the overbought level.
Therefore, the most likely scenario is that the DOGE price continues to rise, with the next key resistance level to watch at $0.1176, its highest point in February this year. A move above that level will point to more gains, potentially to the 23.6% Fibonacci retracement level at $0.1326.
However, a drop below the key support at $0.0873 will invalidate the bullish outlook and signal further downside in the near term.
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