Dogecoin Price Prediction: Can DOGE Price Reclaim $0.22 Ahead of Quarterly Close?

Dogecoin is experiencing renewed interest following applications for a potential DOGE ETF by institutions. This positive sentiment has been amplified by the launch of the official Dogecoin Reserve by the House of Doge (under the Dogecoin Foundation), holding 10 million DOGE (approximately $1.8 million). This reserve is intended to improve transaction speeds and payment efficiency. Furthermore, the foundation is reportedly in discussions with the US government regarding the acceptance of DOGE for payments such as parking fees, utilities, and even at major sporting events.

These developments, coupled with easing market conditions, have driven DOGE's price up by over 10% since the beginning of the week. This has not only boosted market participants' bullish sentiment towards Dogecoin but also significantly increased confidence among large holders ("whales"), leading to substantial DOGE accumulation.

According to Santiment data shared by analyst Ali, wallets holding between 1,000,000 and 10,000,000 DOGE tokens have accumulated over 200 million tokens in the past two weeks. This accumulation, despite increased volatility, suggests growing investor confidence and points towards a potential strong bullish move that could break above the recent bearish range.

Dogecoin's weekly chart indicates a significant price retracement may be complete, suggesting a potential return to resistance levels. While the price faced rejection at $0.48 earlier this year, current market dynamics suggest buyers are preparing to push the price beyond this range. The weekly MACD shows decreasing selling pressure, potentially leading to a bullish crossover. Similarly, the DMI is also showing signs of a bullish crossover, further supporting a potential shift from the bearish trend.

However, the declining ADX indicates weakening rally momentum, which could slow the price increase. While Dogecoin is currently experiencing bullish influence, confirmation is needed to propel the price towards the upper range. This confirmation could come if DOGE rises above $0.22 before the end of Q1. If this occurs, the price could not only surpass yearly highs but potentially reach a new all-time high near $1 later in the year.