Dogecoin's price has experienced significant fluctuations over the last 24 hours, as it rose sharply, briefly surpassing the $0.25 level, but then entered a sharp decline to settle around $0.237, which is a decrease of 3.7% for the day.
Despite this daily decline, the currency recorded a weekly increase of 11.9%, indicating a stronger upward trend. During these fluctuations, whales continued to buy massive amounts of $DOGE .
Whale Accumulation and Its Impact on Dogecoin Price
Over the past seven days, whales have shown significant activity in the Dogecoin market. According to analyst 'Ali Martinez' on platform X, large investors purchased 2 billion $DOGE . These movements are accompanied by noticeable changes in price action, as the currency has experienced sudden upward jumps with the accumulation of these amounts.
The chart shows that whale accumulation may either be a downward resistance factor or even a trigger for a bullish wave. This means that these large investors might be preparing for an upcoming rise or see the market as undervalued.
Long-term Trends: Are We Facing a New Breakout?
Beyond the one-day fluctuations, the long-term picture is more exciting. Analyst 'Tardigrade' published a chart showing Dogecoin's trajectory over the years, referring to the period from mid-2020 to mid-2023 as the 'Launch Readiness Box.'
The chart indicates that Dogecoin, after each long correction period (purple stocks), has gradually started to rise again. This cyclical pattern of decline, accumulation, and then breakout is considered by analysts as a strong signal that the currency may be on the verge of a new upward breakout.
Tardigrade sees that the current situation resembles previous stages that followed massive bullish waves for Dogecoin. According to his analysis, the currency may surpass its previous highs and reach levels exceeding $5.
