The price of Dogecoin (DOGE) has been in a bearish momentum over the past 24 hours, dropping from an intraday high of $0.424 to an intraday low of $0.3668.

As of the time of publication, the DOGE price is $0.3934, down 6.15% from the 24-hour high. During this decline, whales have been actively transferring large amounts of DOGE, sparking speculation about a potential price increase.

Dogecoin whale activity sparks rebound speculation

In the past few hours, large transfers of Dogecoin have caught the attention of market participants. According to Whale Alert, over 61 million Dogecoins (worth approximately $23.5 million) were transferred from an unknown wallet to the Robinhood platform.

Subsequently, nearly 85.4 million DOGE were transferred, valued at approximately $32.9 million. These large transactions occurred amid heightened market interest, potentially signaling significant changes in Dogecoin's price.

The movements of whales are often seen as indicators of potential market changes, especially when such large sums of money are transferred to exchanges. Traders and investors may closely monitor these transfers, speculating whether they signal the beginning of a price increase. As larger market participants shift positions, the price volatility of Dogecoin may intensify, leading to potential fluctuations in price in the coming days.

Will the DOGE price soar to $3?

In these large whale transactions, some analysts are closely monitoring Dogecoin's price trends. Cryptocurrency analyst Ali Martinez recently stated that Dogecoin is still in the early stages of a bull market cycle.

He noted that during the current bull market, the price could rise to $3, with long-term predictions suggesting a potential peak of $18.

Martinez's prediction is based on the weekly chart's regression channel, indicating that Dogecoin still has room for upward movement. However, he acknowledges that the market may face some volatility before reaching these price levels. Despite Dogecoin's recent price decline, analysts remain optimistic about its medium- to long-term prospects.

However, DOGE's open interest has decreased by 12%, and its derivatives trading volume has dropped by 10%, indicating a slight decline in market activity.

Technical breakthroughs spark a new wave of optimism

Technical analysis also indicates that Dogecoin may experience a breakout. Another cryptocurrency analyst, trader Tardigrade, pointed out that Dogecoin's price recently broke out of a symmetrical triangle pattern, which typically signals a bullish trend. Following this breakout, Dogecoin's price has not seen a significant pullback, suggesting that the upward momentum may continue.

If Dogecoin retraces to the upper boundary of the triangle around $0.44 like today, it could present a buying opportunity for investors looking to capitalize on the next rebound. Tardigrade stated that the price could eventually reach $0.65, implying a potential 50% increase from current levels.

In addition, he predicts that Dogecoin may peak in the range of $8 to $10, followed by a potential pullback, which could provide another entry point for long-term investors. Furthermore, a rebound from the current price of about $0.39 to $3 would represent a significant increase of 630%, which is an enticing prospect for investors looking to capitalize on Dogecoin's growth potential.