Key Insights
- Whales accumulate 1.7B DOGE, signaling potential bullish momentum.
- Dogecoin price tests key $0.17 support amid market downtrend.
- Active addresses surge 270%, hinting at renewed market interest.
Dogecoin whales accumulate billions of tokens while analysts eye a potential rally. Recent market trends suggest DOGE’s ability to maintain support at $0.17 could determine its next major move.
Dogecoin Whales Accumulate 1.7 Billion Tokens
Whale activity on the Dogecoin network has surged in recent days. According to data from analyst Ali Martinez, the largest Dogecoin holders accumulated 1.7 billion DOGE within the past 72 hours.
This level of buying pressure suggests institutional or high-net-worth investors could be positioning for a future price movement. Historically, whale accumulation has often preceded strong price swings, though the direction remains uncertain.
DOGE Price Struggles Below $0.20 Amid Downtrend
Dogecoin has been unable to reclaim the $0.20 level in recent trading sessions. The meme coin lost multiple key support zones at $0.30, $0.25, and $0.22, eventually dropping to $0.17.
A TradingView chart analysis shows that DOGE remains in a descending channel, with price action respecting a downward trendline. The Fibonacci retracement levels indicate that $0.17 acts as a critical support, while resistance sits at $0.27 and $0.41.
The Relative Strength Index (RSI) currently stands at 31.52, indicating that DOGE is approaching oversold conditions. This could hint at a possible relief bounce, provided buyers step in at this level.
Crypto analyst Ali Martinez highlighted $0.17 as a crucial support level, warning that a break below it could trigger further downside.
“Holding above $0.16 could fuel a strong rebound,” Martinez noted in an X post.
Currently, DOGE is trading around $0.1847, reflecting a 3.15% drop in the past 24 hours. Should the token fail to maintain $0.17, lower support zones at $0.14 and below could emerge.
Analyst Eyes $2.74 DOGE Price Target
Despite short-term weakness, Martinez maintains that DOGE’s broader uptrend remains intact. He pointed to a multi-year trendline that has acted as a critical price floor since 2017.
Martinez’s latest projection suggests that holding $0.17 could set the stage for a rally toward $2.74. This would push DOGE well past its current all-time high of $0.7316.
While this price target appears ambitious given market conditions, it aligns with historical price cycles where DOGE has seen rapid parabolic runs following long periods of consolidation.
On-chain activity has also spiked alongside whale accumulation. Martinez reported that the number of active Dogecoin addresses jumped 270% within 24 hours, rising from 71,750 to 264,000.
However, whether this increase translates to sustained buying pressure remains to be seen.
Dogecoin’s near-term outlook hinges on its ability to hold $0.17 as support. While Dogecoin whales accumulation and rising network activity hint at growing investor interest, the broader crypto market remains volatile.
