Dogecoin (DOGE) whales have continued to accumulate signaling a potential upcoming price rally.
A tweet from Ali (@ali_charts) revealed that large holders scooped up another 590 million DOGE within 24 hours. This surge in whale buying has led to heightened interest, with many wondering if another bullish breakout is on the horizon. Meanwhile, technical indicators and market trends offer mixed signals, keeping traders on edge as they watch key price levels.
What you'll learn 👉
Dogecoin Whales Accumulate, Fueling Market Speculation
Wallets holding between 10 million and 1 billion DOGE, Dogecoin whales, according to Ali’s chart, have been in an accumulating period.
Whales bought another 590 million #Dogecoin $DOGE in the last 24 hours, as shown by data from @santimentfeed! pic.twitter.com/HlT3A79m2S
— Ali (@ali_charts) January 22, 2025
In his tweet, Santiment included a graphic that shows how these big investors grew their holdings between January 10 and January 17, driving DOGE’s price up from about $0.34 to over $0.42. This buying activity suggests that whale accumulation played a role in fueling the bullish trend.
However, after January 17, whale accumulation slowed, and Dogecoin’s price experienced increased volatility. By January 21, holdings stabilized at around 47.74 billion DOGE, but price action turned choppy.
The crypto briefly dipped below $0.32 before bouncing back to $0.379. The market remains in flux, with traders watching closely to see if whales continue buying or start distributing their holdings.
Key DOGE Price Levels to Watch
Another notable market observer, Crypto_Jobs TA & FA (@CryptoJobs3), weighed in on DOGE’s price action.
$DOGE i"m pretty bullish above 0.3500$ 📈
— 🧙 Crypto_Jobs🧙♂️ TA & FA 🎯 (@CryptoJobs3) January 22, 2025
Strategy: DCA & enjoy the moon! 🚀
If it hold here around 0.3600$, prices could fly again soon #doge #meme pic.twitter.com/SjvsAD8fcB
He shared a chart highlighting key support and resistance levels, noting that if DOGE holds above $0.3600, prices could surge again. His analysis also pointed to a descending trendline acting as resistance, which needs to be broken for a bullish confirmation.
Technical indicators suggest mixed signals. The RSI hovers about 61.88, indicating bullish momentum, but not yet in overbought territory. The MACD histogram shows bullish divergence, hinting at a potential rally.
Meanwhile, DOGE’s price is near the lower Bollinger Band, suggesting oversold conditions and the possibility of a rebound.
Read also: This Simple Formula Explains Why Kaspa (KAS) Is Still a ‘Strong Buy
Dogecoin’s Market Sentiment and Future Outlook
DOGE trades around $0.3606 at publication. This reflects a 2.40% gain over the past week but a 2.34% drop in the last day, according to CoinGecko. Trading volume remains high, surpassing $4.1 billion in the past day, signaling strong market interest.
Whether Dogecoin’s price sees another rally could depend on continued whale accumulation. If large holders maintain or increase their positions, a renewed bullish push could emerge. On the other hand, if distribution picks up, DOGE might struggle to sustain upward momentum.
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