Whales grab 130M DOGE in 24 hours – where will price head next?

Dogecoin (DOGE) price has recently stabilized, holding firm at the $0.22 support level after a slight cooling in the past day. This rebound has sparked renewed buying momentum among traders, hinting at a possible bullish continuation pattern ahead. memecoin convincingly closed above the $0.22 mark on the daily chart, backed by a notable rise in trading volume.

Whales Accumulate 130 Million Dogecoin During Dip

Large investors have taken advantage of a recent dip in Dogecoin’s price, accumulating a significant amount of the digital asset within the past 24 hours.

According to market data shared by Ali, whales have added over 130 million DOGE to their holdings. This move came as Memecoin experienced a short-term decline, creating an entry point for these high-volume holders.

Ali chart

The trend of accumulation indicates the resurgence of interest of huge wallets of 10 million-1 billion DOGE apiece. The timing has indicated a strategic reaction to the condition in the market, and that indicates certain confidence on the part of players.

The common chart also shows very clear spike in volume and price right when the start of the accumulation phase took place. After the purchases, the price of Memecoin registered some recovery and that indicated that the price could influence the market.

Dogecoin Shows Signs of Double Bottom Reversal

Dogecoin price may be getting ready to make a bullish turn with technical indicators pointing at possible double bottom indicator. A recent 4-hour charts published by market analyst Trader Tardigrade for the meme-based cryptocurrency seem to be approaching this typical reversal sign.

Source: tweet

There are two troughs in double bottom which means that there is strong support and there might be reversal of trends towards the up-side. As the price has broken out of the lows in the same manner, traders are keenly monitoring a breakout above the neckline.

The chart exhibits a purple resistance zone which is the neckline of the formation. Dogecoin might indicate this trend and affirm an ascent in case the coin can break this level and do so with relative intensity of volume.

DOGE Battles Resistance as Support Holds Firm

The DOGE price is changing hands at 0.2289, reflecting a relatively steady growth of 1.22% in the last day. At the moment, the DOGE price is trading right above the support at its current price around the $0.2250.

Source: Tradingview

The Relative Strength Index (RSI) currently reads 53, suggesting neutral momentum with a slight lean toward bullish territory.

In the meantime, the Moving Average Convergence Divergence (MACD) has indicated a bearish crossover, and the MACD line is currently below signal line.

Should the bullish momentum get stronger, the next possible objective can be seen at $0.30, which is a major resistance zone on the chart. Conversely, a move lower than $0.2250 may also portend to additional bearish action, with subsequent retesting of the previous lows being a possibility.