Dogecoin Price Indicates Short-term Bullish Sentiment Amid Whale Accumulation
Dogecoin (DOGE) has been in correction mode since reaching approximately 48 cents in early December 2024. Key points include:
- Market capitalization around $39 billion and 24-hour trading volume at $1.59 billion.
- DOGE is undergoing an ABC correction after a crypto selloff earlier this month.
- The price movement mirrors Bitcoin's following the re-election of US President Donald Trump.
- Elon Musk's involvement in the D.O.G.E program influences DOGE's price action.
- Technical analysis indicates a potential bullish breakout, with DOGE retesting the lower border of a bullish pennant.
- The daily Relative Strength Index (RSI) is oversold, suggesting a possible rally towards the pennant's upper border.
- A consistent close below $0.2277 could invalidate short-term bullish outlooks.
#Dogecoin's current Pullback copys the 2017 price structure 🔥
There's a strong potential that $DOGE has hit a local bottom and could soon reach new ATHs 🚀 pic.twitter.com/qebm6TBTXw— Trader Tardigrade (@TATrader_Alan) February 6, 2025
Additionally, interest from DOGE whales has increased:
- DOGE whale accounts (10 million to 100 million coins) have accumulated over 750 million coins during the market correction.
- These whales now hold more than 23 billion DOGE, boosting confidence in the asset.
- Dogecoin Futures Open Interest has risen to approximately $2.42 billion.