Dogecoin News Today: Whales Accumulate 200 Billion DOGE as Bulls Target 21% Breakout Potential

Dogecoin (DOGE) has drawn attention from both traders and analysts amid recent market activity, with crypto whales accumulating more than 200 billion tokens over the past week [1]. Despite a 6% drop in the past 24 hours, with the price currently at $0.23, the memecoin remains within a bullish double-bottom pattern according to technical analysts [1]. The price has been consolidating between $0.22 and $0.247 for over a week, creating a key area of focus for observers of the market.

The accumulation by large investors is seen as a vote of confidence in the asset, even as broader volatility persists. This is partly attributed to the release of the U.S. PPI report, which triggered a period of uncertainty. However, traders have remained active, with a 20% surge in trading volume recorded, suggesting ongoing engagement with the market [1].

From a technical analysis standpoint, a breakout above the $0.247 resistance level could lead to a 21% price increase, potentially pushing the coin toward the $0.30 level [1]. On the other hand, if the price drops below the $0.22 support, it could face an 11% decline to $0.19 [1]. Analysts are closely monitoring these key levels, which could signal the next directional move.

On-chain data from CoinGlass highlights the bullish sentiment among traders. At key liquidation levels of $0.2213 and $0.2354, long positions amount to $48.88 million, significantly outpacing the $26 million in short positions [1]. This imbalance indicates that traders are leaning heavily toward upward movement, reinforcing the idea that bulls are in control.

Despite a bearish signal from the Supertrend indicator—currently red and hovering above the price—traders have not abandoned their positions [1]. Instead, the growing buying pressure from whale investors and the strong long-biased on-chain data point to a potential resumption of upward momentum.

As Dogecoin navigates this critical consolidation phase, the coming days will be crucial in determining whether the price can break out to the upside or face further correction. The market’s reaction to key technical levels will ultimately shape the near-term outlook for the memecoin.

Source: [1] Dogecoin price prediction as whales add 200 billion DOGE (https://ambcrypto.com/dogecoin-price-prediction-whales-buy-200b-doge-as-0-30-rally-looms/)