- Dogecoin rises 5.02% in 24 hours amid renewed bullish momentum.
- Whale investors accumulate over 188 million DOGE, signaling renewed optimism.
- Technical charts suggest a potential climb toward $0.29, $0.45, and $0.86.
- RSI and MACD indicators show mixed short-term momentum.
Dogecoin (DOGE) is showing renewed strength after days of uncertainty. The popular meme coin has gained nearly 5.02% in the past 24 hours, but its weekly performance shows a slight dip of 4.03%.
At the time of writing, DOGE is trading at $0.1470, backed by a strong surge in trading activity. Its 24-hour trading volume stands at $2.2 billion, marking a notable 54.77% increase, while the market capitalization has risen by 4.87% to $30.52 billion.
Also Read: Dogecoin Price Prediction: Breakout Above $0.29 Could Trigger Bull Run to $0.86
Whale Accumulation Points to Renewed Confidence
Whales have made their presence felt once again, accumulating more than 188 million DOGE within the past 24 hours. This accumulation phase signals heightened confidence from large holders, who often move early ahead of major price swings. Rising transaction volumes involving large DOGE transfers confirm increased activity among top-tier investors, often considered an early indicator of a bullish continuation.
Historically, such whale accumulation phases have preceded strong rallies in Dogecoin’s price. The behavior suggests that institutional players or long-term holders are positioning for a potential upside, reinforcing the growing optimism around DOGE’s next move. This pattern has sparked fresh speculation that the asset could be preparing for a sustained climb, provided that overall market conditions remain supportive.
Technical Structure Favors Bulls Above $0.18 Support
According to crypto analyst Ali, Dogecoin has rebounded sharply from the lower boundary of its ascending channel, stabilizing near the $0.18 support zone. This bounce aligns with the 0.618 Fibonacci retracement at $0.21, confirming a strong technical base. The channel has guided DOGE’s trend since mid-2023, maintaining a steady pattern of higher highs and higher lows.
If the bullish momentum sustains, DOGE could soon challenge the next resistance near $0.29. The potential breakout through this point could lead the rally to potential level at $0.45, the mid-channel target. Additional support might send the price to the $0.82–$0.86 area, equalling the 1.272 Fibonacci extension. The levels have major upside potential if Dogecoin gains further buyer interest.
On the downside, immediate support lies at $0.18, then $0.164 and $0.128. A close below this region might spoil the bullish scenario and cause further corrections. The overall structure, however, remains bullish but the channel support is intact. Holding above $0.18 levels will be indispensable for DOGE to continue the upward journey.
Indicators Hint at Mixed Momentum Ahead
The weekly chart of Dogecoin displays fading bullish power through the MACD. The MACD line also recently went below the signal line, and the histogram became negative, suggesting diminishing positive momentum. The crossover is prone to develop, leading to the next downturn or consolidation, signaling diminishing interest among traders.
Meanwhile, the Relative Strength Index (RSI) is at 46.85, marginally below the neutral 50 point. The reading is an indicator of diminishing buying power and increasing cautiousness among investors. Not yet in an oversold position, the declining trend seen for the RSI supports the threat of a minor consolidation followed by the next upsurge.
Also Read: Dogecoin (DOGE) Eyes $0.50 Target as SPAR Switzerland Boost Adoption
