Dogecoin Whales Accumulate Over 90 Million DOGE in 48 Hours
Dogecoin is trading at approximately $0.31, with investors uncertain due to stagnant price action. This consolidation phase raises speculation about whether DOGE will experience a breakout or further decline.
Crypto analyst Ali Martinez indicates a potentially bullish outlook for Dogecoin, noting that whales have accumulated over 90 million DOGE in the last 48 hours, a sign of long-term optimism. Historically, whale activity has preceded significant price movements, suggesting renewed momentum may be possible.
Dogecoin Whales Prepare For A Move
Despite recent price drops, whale accumulation signals confidence in Dogecoin's future. Martinez reported that whales purchased over 90 million DOGE during the market pullback, indicating large-scale investors view current prices as opportunities.
If DOGE can maintain its position above $0.31, it sets a foundation for a potential rally. However, breaking below this support may lead to further declines, emphasizing the importance of the ongoing consolidation phase.
Key Levels To Hold
Currently at $0.31, Dogecoin faces resistance at $0.35, which must be broken for bulls to regain control. Attempts to fall below $0.30 have failed, indicating strong demand. The indecision places DOGE at a critical point with both bullish and bearish scenarios possible.
For a bullish momentum shift, Dogecoin needs to rise above $0.37 and sustain that level. Without this breakthrough, DOGE risks losing its current position. The broader market sentiment remains bearish, and if deeper corrections occur, DOGE could drop below $0.30, potentially reaching the psychological support level of $0.20.
Featured image from Dall-E, chart from TradingView