Dogecoin's Resilience: Can DOGE Reach $3 Amid Volatility and Whale Activity?

Dogecoin's price has been volatile in recent weeks, with the cryptocurrency facing challenges in its recovery. Despite a significant security incident involving Bybit's $1.4 billion hack, some altcoins, including Dogecoin, have shown resilience. Analysts are now eyeing the $3 mark for DOGE if key support levels hold, with growing whale activity adding credence to this outlook.

According to a technical analysis by crypto expert Ali, Dogecoin price is currently hovering inside an ascending parallel channel with a target of $3. The support zone for DOGE price lies between $0.19 and $0.16, coinciding with the pattern's lower trend line. If this level holds, investors can expect a recovery rally. However, there are other key levels where Dogecoin price might pause, such as $0.569, the $1 and $2 psychological levels, and $2.773.

The latest DOGE price has been fluctuating around $0.24, with a 4% decrease as of February 22, 2025. Despite earlier recoveries, the meme coin has experienced a correction in recent days. Currently, DOGE is testing the lower support level near $0.24, which has seen consistent bounces in the past few days. However, the price faces resistance at $0.3, which has been holding for most of the weeks.

The Relative Strength Index (RSI) is currently at 38, indicating that DOGE is approaching oversold conditions. The MACD is also showing signs of weakening momentum with a slightly negative crossover, suggesting possible further downside pressure. If the price can hold above the support at $0.24, there might be a potential bounce toward the $0.25 resistance. A break above this level could open the path to test the next resistance at $0.30. However, if the support at $0.24 fails, the next downside target could be $0.20.

The Dogecoin market has recently experienced a price decline, coinciding with fluctuating DOGE whale activities. The price dropped below $0.25, while whale transaction counts above $100K saw an uptick, nearing 51.454. The proportion of total stablecoin supply held by whales, exceeding $5 million