Dogecoin News Today: Dogecoin Forms Third Monthly Bullish Engulfing Candle Amid Whale Accumulation and Oversold RSI Signals

Dogecoin has formed its third monthly bullish engulfing candle, a pattern historically associated with significant price rallies, most notably seen before the 2020 surge. The pattern is now emerging again in 2025, suggesting a potential continuation of the bullish trend. At current prices near $0.1977, Dogecoin remains above key support levels between $0.198 and $0.200, which have historically acted as strong accumulation zones. This provides a solid foundation for further upward movement [1].

On-chain data reveals a surge in whale accumulation, with over 310 million DOGE added to large wallets in the past 24 hours. Whale-held DOGE has increased to 73.34 billion, signaling strong institutional or long-term investor confidence. This accumulation pattern is often associated with upward price pressure and market consolidation [1].

Technical indicators also suggest a potential rebound. The 4-hour RSI for DOGE is approaching oversold territory, a level that historically preceded a 70% price surge, according to analyst KrissPax. Previous dips below the RSI 30 level have been followed by substantial rallies, and DOGE is now forming higher lows compared to past breakout points, indicating a similar scenario may be unfolding [1].

Dogecoin’s price remains within its long-term upward channel, currently near the mid-lower range. This positioning aligns with past accumulation phases that led to significant price expansions. Sustaining this channel is essential for maintaining bullish momentum, with potential short-term targets around $0.241 if buying pressure continues [1].

The formation of the third monthly bullish engulfing candle, combined with whale accumulation and RSI signals, suggests that Dogecoin may be entering a new phase of market confidence and upward potential. Investors are advised to closely monitor these technical indicators as the market could witness a significant price rebound in the near term [1].

Source: [1] Dogecoin Shows Third Monthly Bullish Engulfing Candle Amid Whale Accumulation and RSI Signals

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