DOGE breaks above 20 week SMA at $0.20489, nearing upper Bollinger Band, confirming a bullish continuation pattern.
Whale wallets holding 100M–1B DOGE have increased holdings to 25.36B, suggesting renewed institutional confidence.
A whale re-entered with a $21M 10x long on DOGE, showing strong conviction in price surge toward $0.27–$0.30 resistance zone.
Dogecoin is showing renewed strength as technical indicators and whale activity align to suggest further upward movement. The weekly Bollinger Bands have started expanding after a prolonged squeeze, indicating a potential high volatility phase.
The price has broken above the midline of the bands, which is the 20 week simple moving average at $0.20489, and is now approaching the upper band near $0.31888. This shift shows bullish momentum building up after weeks of consolidation.
On July 18, DOGE was trading at $0.25, up from its price of $0.20 just days earlier. The breakout follows a trend reversal that began in the $0.13 to $0.15 range, where DOGE had support. The green weekly candle now shows a move away from the bearish phase.
Weekly Midline Breakout
Breaking above the 20 week SMA has set up a bullish continuation. The move suggests that market sentiment has flipped in favor of buyers. DOGE’s recent candle is expanding toward the upper Bollinger Band.
DOGE/USDT 1-day price chart, Source: Cantonese Cat
If the price reaches that level, it would complete the band breakout pattern. Though overbought conditions may follow, the momentum change remains key. The recent surge started after DOGE repeatedly tested the $0.19 support line.
After bouncing off it multiple times, the price surged past $0.25. This push is Dogecoin highest level since mid May. The rise, which began on June 23 during the Israel Iran conflict, is over 80% growth since the recent bottom.
Whales Resume Accumulation After July Low
According to analyst Ali, whales holding 100M to 1B DOGE coins resumed accumulation in mid July. Holdings had declined from a peak of 26.8 billion DOGE in May to 24.03 billion earlier this month.
However, current levels show a rebound to around 25.36 billion DOGE, indicating renewed large scale interest. This renewed accumulation coincides with the ongoing price rally.
Whale involvement tends to suggest increased confidence in long term moves. These addresses may influence DOGE’s next potential push toward the $0.27–$0.30 zone, where resistance is expected.
Long Position Signals Market Confidence
Lookonchain reported that a whale closed a long position recently, locking in a $2.14 million profit. The same whale then re-entered with a 10x leveraged position on 84.08 million DOGE, worth $21.24 million. Within 10 hours, the position had an unrealized profit of $1.64 million.
Such moves suggest high confidence from large traders. This comes alongside technical signals that point to an expanding Bollinger Band range. With strong momentum and volume implied, the trend remains active.
Dogecoin’s recent rally combines strong technical setups with increased whale involvement. The breakout above the 20 week SMA, together with accelerating accumulation and leveraged entries, outlines a market in transition.
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