Dogecoin ($DOGE) is currently fluctuating around $0.204, and on-chain data shows that Dogecoin whales have significantly increased their holdings recently, indicating that large investors are buying in at lower levels.
In the past 24 hours, whales have accumulated over 1 billion Dogecoins. These large holders have chosen to enter at the current low point, possibly believing this is a favorable time to invest in this memecoin. However, whether this bet will yield returns still requires further observation.
From a technical perspective, the 4-hour RSI has rebounded from the oversold area to close to neutral at 47, providing an opportunity for buyers to return to the market and break out of the wedge pattern. Although the momentum after the breakout has weakened, the resistance level above has currently turned into a support level.
However, the MACD is close to forming a death cross and is running closely along the signal line, indicating that the current support may be relatively weak. This opens up space for a price retest at $0.19. If it can rebound at this level, it may form a double bottom, providing a more solid foundation for a reversal.
Currently, the upward momentum shows some persistence. If the momentum continues, Dogecoin is expected to break through to $0.25, which is an increase of about 24% from the current price. If $0.25 turns into a support level, the price may further rise to the mid-July high of $0.2875, marking a 38% increase and paving the way for a continuation of the bull market.
Similar to the last time the RSI reached 30, the accumulation of momentum requires about a month. As Dogecoin (DOGE) is dealing with the impact of new U.S. tariffs on over 90 countries, it may continue to consolidate in August.
Will Dogecoin explode in October?
By September, the potential rate cuts and the approaching deadline for the October spot DOGE ETF decision may bring a new wave of capital inflow.
