800 Million Dogecoin in 48 Hours? What Happened?

A total of 800 million Dogecoin have been caught up in significant activity in the last 48 hours, attracting interest in the crypto community.

According to on-chain data highlighted by crypto analyst Ali, whales have bought more than 800 million Dogecoin (DOGE) in the last 48 hours.

This substantial whale activity coincides with the Dogecoin price holding steady near the $0.16 level, a critical demand zone that has become a focus for traders and analysts alike. The accumulation indicates that large holders, or whales, may be positioning themselves ahead of a potential market move as the Dogecoin price consolidates.

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In a tweet on Monday, Ali indicated that Dogecoin could be preparing for a significant shift. A close over $0.17 might go to $0.21 or perhaps $0.29, as long as Dogecoin maintains the $0.13 support.

DOGE was down 2.24% in the last 24 hours to $0.16 at press time, while Bitcoin (BTC) and Ethereum (ETH) rose slightly as the crypto market saw mixed price action in the early Tuesday trading session.

DOGE price action

Dogecoin‘s rebound on the weekend paused amid Sunday’s profit-taking. The decline extended on Monday as bulls confronted resistance at $0.169.

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Currently, buyers are attempting to restart the recovery in Dogecoin but are expected to face resistance at the $0.169 level ahead of the daily SMA 50 at $0.176. If the price turns down from this level, Dogecoin might drop below $0.14. In this case, the selling could pick up, and Dogecoin could fall to $0.10.

In contrast, if buyers push the price over the daily SMA 50, Dogecoin might rise to $0.20. This is a crucial near-term level to monitor because a break above it would complete a double-bottom pattern. Dogecoin might next ascend toward the pattern target of $0.26, which corresponds to the daily SMA 200.