- DOGE Holds $0.16 as Whales Accumulate 220M Tokens
- Bullish Patterns Signal Possible DOGE Rally to $0.57
- Trading Volume Surges, Indicating Strong Buyer Interest
Dogecoin (DOGE) is holding above the $0.16 support level, signaling a potential upward move. Market analysts studied technical patterns that shaped Dogecoin (DOGE) after the meme-based cryptocurrency registered a 3.12% intraday increase. Increasing trading volume and accumulation by large investors suggest that buyers are stepping in at current levels.
Dogecoin Holds Support Amid Bullish Patterns
Technical indicators show that DOGE has maintained stability above $0.16, forming a classic falling wedge pattern on the daily chart. Analyst “WHALES_CRYPTOzz” noted that the price recently broke a descending resistance level near $0.125 and is now retesting the breakout. If the retest holds, it could confirm a bullish trend.
Further analysis from Ali Martinez shows an Ascending Channel pattern on the weekly chart, reinforcing the possibility of an upward move. Martinez stated, “If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely.” His projections are based on Fibonacci Retracement levels, a tool used to predict price movements based on historical trends.
Whale Accumulation Suggests Growing Confidence
Data from Santiment shows that large investors have accumulated 220 million DOGE, valued at approximately $36.08 million, over the past month. Whale accumulation often signals confidence in future price growth, as these investors typically buy during dips.
Increased trading volume also supports the bullish outlook. The 24-hour trading volume of DOGE increased according to CoinGecko from 1.2 billion to 1.5 billion DOGE within that period. On-chain metrics from IntoTheBlock revealed a 10% rise in active addresses, indicating higher market participation.
Technical indicators reinforce this perspective. The Relative Strength Index (RSI) is at 65, suggesting bullish momentum without entering overbought conditions. Additional price movement analysis through MACD indicates a bullish crossover as one of the indicators which suggests rising market momentum. Sustained support will allow DOGE to start a powerful price increase.
