Dogecoin (DOGE) Price Eyes 90 Cents Despite Short-Term Correction

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Following an impressive rally in the past five weeks, Dogecoin ($DOGE) price faces a short-term correction after retesting a major resistance level of around 43 cents. The leading meme coin, with a fully diluted valuation of about $54 billion and a daily average traded volume of around $15.3 billion, has been forming a potential reversal pattern in the four-hour time frame.

Having been rejected twice in the last few days at the resistance level of around 43 cents, the Dogecoin price has formed a potential double top, coupled with a bearish divergence on the Relative Strength Index (RSI).

Bullish Sentiment for Dogecoin Ahead

From a macro point of view, Dogecoin price is preparing to enter the most thrilling phase of the 2024/2025 bull market cycle. Moreover, the meme coin leader has been forming higher highs and higher lows in the weekly time frame since October last year.

In the shorter time frames, Dogecoin price has established a support level above 35 cents, which could be a basis for the next rally towards 90 cents. In case of a potential breach of the support level of around 35 cents, the DOGE price should find a robust support range between 30 cents and 26 cents.

Whale Investors on the Hunt

The Dogecoin network has continued to attract more investors globally, with over 5.3 million on-chain holders as of this report. The unwavering support from tech billionaire Elon Musk, which inspired the creation of the D.O.G.E program to enhance US government efficiency, has helped the meme coin attract more whale investors. 

According to on-chain data analysis provided by Santiment, Dogecoin whales purchased 140 million DOGE units, worth over $56 million, in the past 24 hours.