Dogecoin (DOGE) Price: Whale Wallets Accumulate 310 Million Coins in 48 Hours

A bullish Moving Average Convergence Divergence (MACD) crossover recently appeared on the charts. Historical data shows similar crossovers preceded rallies of 84%, 194%, and 446%.

The crossover occurred around an ascending trendline that has been in place since early 2023. Analysts project a potential 610% rally from current levels if the pattern follows previous trends.

This would place the price between $0.60 and $0.70. The MACDs current position below the zero line suggests early-stage momentum building.

DOGE also formed a double bottom pattern on multi-month charts. The cryptocurrency recently broke the neckline of this pattern near the $0.27 level.

The retest occurred after a 40% increase from the second bottom. If the $0.27 level holds as support, it could validate the breakout and lead to further upward movement.

Whale Activity Intensifies

On-chain data reveals large holders accumulated more than 310 million DOGE within the past few days. This buying occurred after a mild pullback earlier in the week.

Santiment data shows wallets containing 100-1000 million and 1-10 billion DOGE have been adding to their balances. The purchase activity coincided with a price recovery.

Past patterns show similar whale accumulation has frequently preceded notable price rallies. The recent accumulation happened during wider market consolidation.

Trading data from HyperLiquid shows a major trader deposited $3.92 million USDC. The trader then opened a long position on Dogecoin with 10x leverage.

The position holds 81.4 million DOGE at an entry price of $0.2435. The total value of the leveraged position stands at approximately $19.7 million.

Dogecoin price broke through a 146-day ascending channel and managed to retest critical resistance levels. The cryptocurrency reached a weekly peak above $0.28 before dipping 4% to $0.2392.

Trading volume increased by 75.86% despite the market cap decline. DOGE shows support forming near $0.23 as buyers attempt to start a recovery from the recent pullback.

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