DOGE Price Soars? Analyst Predicts $2 Amid ETF Hopes, Whale Buys

Dogecoin Price Aims for $2 as Key Resistance Falls

Dogecoin (DOGE) is showing signs of a potential breakout after surpassing a multi-week resistance level. An analyst is now suggesting a possible surge to $2. Bullish sentiment is fueled by increasing probabilities of a spot Dogecoin ETF approval by the SEC, attracting significant whale activity. Currently, DOGE is trading at $0.24, a 7.75% increase today, August 9.

Resistance Turned Support?

For the past two weeks, the $0.23 mark has acted as a key resistance for Dogecoin. Bulls now aim to establish this level as a new support zone.

Analyst Crypto Patel notes that despite previous struggles to break resistance, Dogecoin has established robust support levels, one of which is around $0.15. According to Crypto Patel, Whales are strategically accumulating DOGE between $0.18 and $0.23, suggesting strong confidence in the asset's potential.

Patel anticipates breakouts if this accumulation zone holds, with a potential rally towards $2 in the short term.

DOGE ETF Approval Odds Surge as Whales Accumulate: $2 Realistic?

The likelihood of the SEC approving a spot Dogecoin ETF has significantly increased. Polymarket data indicates that the odds jumped from 51% to 71%, reflecting renewed optimism regarding potential regulatory approval.

This shift might be driven by evolving dynamics in the US crypto landscape.

Whales are responding by initiating new long positions, anticipating a further uptrend in Dogecoin's price. Hyperliquid data reveals that whales opened over $12 million worth of long positions in Dogecoin within a 24-hour period. This indicates their willingness to maintain positions even as Dogecoin tests resistance.

In summary, Dogecoin is retesting resistance levels, supported by strong whale accumulation and increased anticipation of a spot Dogecoin ETF approval. With analysts turning bullish, further gains appear plausible.