- Whales accumulate 100 million DOGE, signaling rising institutional confidence.
- Technical indicators show hidden bullish strength and potential breakout.
- Analysts eye $0.20 resistance as gateway to major rally.
Dogecoin (DOGE) is showing signs of gaining significant momentum, driven by increased accumulation from large investors, also known as “whales,” and positive technical signals suggesting a potential upward trend.
According to prominent crypto analyst Ali Martinez, in the past week only whale wallets the wallets that hold from 1 million to 10 million Dogecoins in the last week have scooped up 100 million Dogecoin.
Dogecoin Approaches Key Breakout Levels
This spike in whale activity is stoking optimism across the market, as such a high intensity accumulation is usually a sign for institutional players’ confidence and usually drives drastic moves of markets. While these developments are kept a well under wrap by the institutional traders, the retail investors are starting to witness signs of an impending bullish cycle.
Technical signals are reinforcing the optimism. A hidden bullish divergence in the Relative Strength Index (RSI) is highlighted by Analyst Cryptokijker. Dogecoin’s modest recent gains may be accompanied by a subtle shift beneath the surface he believes suggests strengthening market conditions. Just recently, the price broke above the Previous Day Low, which is usually taken as an early signal of a potential trend reversal.
Cryptokijker’s latest TradingView update puts near-term breakout targets at $0.1840 and $0.1920, as he anticipates a breakout zone to start around $0.1790. According to him, smart money is gradually amassing Dogecoin in the discount zone around $0.15–$0.16, positioning themselves on the hook for what could be a bigger market run.
Dogecoin Holds Firm Above Key Support Level
Supporting this outlook is strong chart structure and volume behavior. Dogecoin trades around $0.1819 according to CoinMarketCap. If price action remains above this level they believe it could signify the start of a markup phase where prices run sharply higher.
Further out the next critical resistance of $0.20 psychological barrier has also been emerged. Martinez thinks, if Dogecoin is able to close the month above this threshold, the token could then head for its previous all-time highs and regain the interest of the investors and the general bullish sentiment, in general.
About a longer-term perspective, analyst Crypto Patel added a historical context for April 30. He cited a support level of $0.07 on a three-week chart that was a place where Dogecoin has bounced every time since 2014. Echoes of past bull runs are what Patel sees in the current setup, though there may be some element of ‘Wave 3’ here, which he suggests could soar as high as $32, though a far more conservative long term target of $5 is given.
Dogecoin has garnered some skepticism from the trading community, yet it appears to be on solid footing as it bucks mathematical indicator and market behavior in order to potentially break out. But, that momentum could very well continue, and future trading volumes as well as price action near $0.20 will be pivotal in determining the direction of whether or not that continues.
