- Whales bought 750 million Dogecoin during the last dip, exhibiting strong confidence.
- Dogecoin price remained under pressure and declined over 0.81% intraday.
Despite a significant market downturn, Dogecoin (DOGE) continued to attract whale and institutional interest. However, the Dogecoin price struggled to recoup the recent losses and remained under pressure, trading below the key EMAs.
The DOGE price was trading at $0.2463 at press time, noting a decline of over 0.89% in the past 24 hours. Its market cap stood at $36.44 Billion,rankingd 8th in the overall crypto market.
Despite the price slump of over 25% this week, whale entities have seized the opportunity. Furthermore, they scooped over 750 million DOGE tokens. This accumulation by large holders was a bullish indicator, often signifying strong confidence in the memecoin.
Dogecoin Poised for a Parabolic Rally: Analyst Weighs In
A recent post by Coinvo on X highlighted that the Dogecoin price action underlined a rounding bottom formation. Moving ahead, the DOGE price seemed to have completed the correction. Per the current price action, a major parabolic rally could trigger next.
Further insight shared by @cas_abbe revealed that the Dogecoin price chart had looked oversold since Q3 2024. It remained Musk’s favorite token and continued to stay in the spotlight.
Per the technicals, it has reached the channel’s lower trajectory, and a sharp rebound could be seen. In case of a push above the channel’s high of $0.3500, an upmove toward $0.7500 could be seen.
Can Whale Accumulation Fuel DOGE’s Recovery?
The massive 750 million DOGE tokens accumulation is a healthy sign for DOGE bulls. It suggested that the price could potentially rally following its latest dip. Dogecoin bears have run out of steam over the weekend, followed by a demand resurgence.
Dogecoin price pulled back toward the demand zone of $0.2300 and witnessed consolidation in the past few sessions. However, the pin-point rejection from the 61.8% Fibonacci retracement support zone indicated that memecoin is poised for an upside.
Meanwhile, sustained demand is necessary for this to happen. In the last 48 hours, the daily active addresses have surged over 1.20% to 69.06K. This highlighted a rise in interest among the market participants.
However, the latest on-chain stats reveal a decreased demand, as the OI-weighted funding rate turned negative at -0.002%. Furthermore, the derivatives volume dropped by 13%. That indicated a lower level of activity behind the memecoin.
Dogecoin Price Prediction: Is a Rebound toward $0.3500 Possible?
The ongoing price action conveyed lower lows swings, highlighting a heightened selling pressure on the charts. The Dogecoin price displayed a follow-on selloff for the past few sessions and slipped below the key EMAs.
However, the memecoin has reached the edge of the support zone, and a possible rebound could occur next. In case of a push above the $0.3000 mark, the bulls could gain more pace and a significant jump toward $0.3500.
This would be followed by $0.4000, which may be expected soon. A break below $0.2100 may result in a panic selloff to $0.1700 in the following sessions.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of monetary loss.
Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.