After a nearly 50% violent surge, Dogecoin has entered a critical battleground and is currently facing a key demand area; the $0.22-$0.23 range is the lifeline for bulls and bears! Bulls must hold the line to confirm their potential for sustained upward movement.
On-chain data reveals unusual activity from whales.
According to the latest data from Santiment, a mysterious large holder has swept up 1 billion DOGE in the past month. This wave of accumulation indicates that experienced investors' confidence is continuously strengthening and may become the driving force for a new round of Dogecoin increases.
Whale wallets are going on a buying spree! In the past 30 days, net accumulation has exceeded 1 billion coins, worth over $230 million! This is the largest scale of whale accumulation activity since 2024, and after the last similar signal, DOGE skyrocketed by 300%!
Whale cost price is concentrated in the $0.18-$0.22 range, and the current price is still 15% below the average holding cost of the whales. Historical trend: after whales complete accumulation, the average increase in 90 days reaches 170%.
If the current support level holds and whales continue to accumulate, Dogecoin may see another explosive rise.
Although caution is still needed in the short term, especially in the face of worsening macroeconomic conditions, the long-term outlook for Dogecoin is strengthening as fundamentals and market sentiment gradually align. Currently, everyone is focused on whether this meme coin can establish a foothold and break through the previous cycle's resistance.
Dogecoin is currently in a consolidation phase, having previously surged from below $0.17 to nearly $0.26 in early May.
As shown in the 4-hour chart, Dogecoin has fallen back to the $0.22-$0.23 range and is attempting to form a local bottom in this area. This area is consistent with previous breakout structures, slightly above the 200-day moving average ($0.195) and the 200-day moving average ($0.183), both of which are currently on an upward trend, confirming trend support.
When it broke through $0.2, trading volume surged by 300%, indicating strong market interest, but it has since receded, and the volume decrease is a healthy consolidation.
Dogecoin's daily chart shows a "rising triangle" consolidation. Breaking through $0.26 will open up the range to $0.3-$0.35. If it falls below the $0.22 level, the next support will be near the 200-day moving average, and any close below the 200-day moving average will weaken the bullish outlook.
While everyone is still in doubt, the whales have already voted with real money! History does not repeat itself in a simple manner, but always carries similar rhythms. The whale accumulation script from 2021 is being replayed; this time, are you ready to hop on?
That's all for today's article. Be patient and wait for market sentiment to recover; there may be better trading opportunities. If you really can't navigate the crypto world on your own, don't force yourself; come find me for guidance. Joining us means standing on the shoulders of giants, seizing the opportunity for massive wealth, as missing out could mean missing a hundredfold opportunity.
