- Dogecoin holds above the key trendline with RSI rebound, signaling potential upward continuation.
- Whale wallets accumulate 310M DOGE, indicating rising confidence among large-scale holders.
- $19.7M leveraged long position and $3.78B futures interest reflect institutional support for DOGE.
Dogecoin is nearing a key ascending support trendline after a brief correction from its recent peak. Technical indicators, including the Relative Strength Index (RSI), show potential strength at current levels. At the time of writing, Dogecoin (DOGE) was trading at $0.2274, suggesting renewed interest following earlier profit-taking activity.
Support Trendline Holds as RSI Indicates Strength
According to analysis prepared by Trader Tardigrade, Dogecoin has maintained a consistent uptrend supported by a rising trendline since early 2023. The price recently bounced near this trendline, with the RSI also forming a higher low, suggesting potential accumulation at current levels.
The RSI on the 4-hour chart remains above key oversold levels, and a rebound appears to be underway. Previous price actions near this trendline have resulted in upward movement, which aligns with current RSI readings. A similar scenario is now developing, pointing to potential continuation in price movement.
Dogecoin also recently formed a bullish MACD crossover, as shown in historical data compiled by Bitcoinsensus. Similar past events saw gains of 84%, 194%, and 446%. The current MACD position remains below the zero line, which has previously signaled the early stages of momentum buildup.
Whale Activity and Institutional Moves Support Uptrend
According to data provided by Santiment and shared by Ali Martinez, wallets holding between 100 million and 10 billion DOGE have increased their balances. More than 310 million DOGE was added after the recent pullback, showing a growing accumulation trend by larger holders.
In addition, HyperLiquid trading data showed a major trader opened a $19.7 million long position with 10x leverage, entering at $0.2435. This move supports the view that institutions are backing DOGE at current price levels.
Open interest in futures also reached $3.78 billion, with volume increasing over 75%, as reported by Binance market data. The DOGE price now holds above the 12-period EMA at $0.24, which traders see as a short-term support line.
