Dogecoin (DOGE) has seen a surge in whale activity, with large investors accumulating over 910 million DOGE in the past 48 hours. This buying spree has sparked discussions among traders and analysts about a potential Dogecoin price rally toward the $1 mark.
Whales Accumulate DOGE Amid Market Volatility
Data from on-chain analytics platforms indicates that whales have been actively purchasing Dogecoin, signaling strong confidence in its future price movements.
Large transactions involving millions of DOGE tokens have been recorded, suggesting that institutional investors or high-net-worth individuals are positioning themselves for an uptrend.
Whale accumulation often influences market sentiment, as it reduces the available supply and can lead to increased buying pressure. The recent purchases coincide with DOGE maintaining key support levels, which analysts believe could serve as a foundation for further price increases.
Moreover, crypto analyst Javon Marks has highlighted Dogecoin price strong breakout performance, noting that the cryptocurrency has already gained over 600% since its initial surge. He emphasized that DOGE reached $0.6533 before pulling back and believes the next breakout could push the price beyond this level, potentially reaching $1.22.
Dogecoin Price Holds Support as Analysts Predict Uptrend
Dogecoin’s price is currently above a crucial support zone around $0.185. According to market analyst Ali Martinez, holding this level could allow DOGE to challenge higher resistance points in the near term.
If buying momentum continues, analysts suggest that DOGE could retest the $0.25 and $0.33 resistance levels before targeting new highs.
Market expert Trader Tardigrade has also identified an “order block zone,” where a concentration of buying and selling orders could determine Dogecoin’s price next move. If demand outweighs supply, the price may push upward, setting the stage for a broader rally.
Technical Indicators Suggest a Potential Breakout
Technical analysis shows that Dogecoin’s price recently rebounded from recent lows, gaining 12.46% in a single session. This recovery aligns with historical patterns where Dogecoin price has experienced strong rallies following periods of accumulation.
The Relative Strength Index (RSI) stands at 43, indicating neutral momentum, but a move above 50 could signal growing bullish strength. Meanwhile, the Chaikin Money Flow (CMF) indicator is at -0.06, showing mild selling pressure. If this value turns positive, it could confirm renewed buying activity.
Additionally, the 4-hour chart shows a double bottom pattern, a common indicator of potential upward movement. If this pattern holds, Dogecoin’s price may see further gains in the coming weeks.
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