Dogecoin Holds Strong as Whales Signal Possible Rally
Key Takeaways
- Dogecoin (DOGE) remains above a long-term upward trendline.
- Large wallets (so-called “whales”) are accumulating DOGE despite sideways movement.
- Technical indicators suggest a potential trend reversal.
- A breakout above USD 0.18 could bring fresh momentum.
Dogecoin Defends Its Long-Term Support
Dogecoin is currently showing technical strength. The price remains above a key ascending trendline that has been intact since 2015. This line forms the lower boundary of a long-term channel in which DOGE has been trading for years. The recent pullback brought the price down to USD 0.17 – just above the 0.786 Fibonacci retracement level at USD 0.18395. Historically, this level has often been a starting point for price rallies.
Whales Are Expanding Their Positions
On-chain data supports the technical analysis. The so-called Accumulation/Distribution Line – an indicator of buying and selling pressure – is currently at 20.28 billion DOGE. This shows that long-term investors continue to buy despite the stagnant price.
Particularly notable is the behaviour of large wallets. Addresses holding between 10 and 100 million DOGE, as well as those with 100 million to 1 billion DOGE, have been steadily accumulating in March. In contrast, mid-sized wallets (1 to 10 million DOGE) have slightly reduced their holdings. This suggests that larger market participants are betting on a recovery.
Technical Hurdles Remain
Despite positive signals on the weekly chart, the short-term chart shows weakness. On the 12-hour chart, the price is below both the 50- and 200-period moving averages. The 50-period simple moving average (SMA) at USD 0.176 is currently acting as resistance. A sustained move above USD 0.18 could initiate a trend reversal – ideally accompanied by rising volume and further buildup in the Accumulation/Distribution Line.
What Does This Mean for You?
Dogecoin is at a critical juncture. The long-term structure remains intact, and the behaviour of large investors suggests confidence in a potential recovery. In the short term, however, the price remains under pressure. A breakout above USD 0.18 would be an initial signal for renewed momentum. If the trend continues, mid-term targets in the range of USD 0.27 to 0.56 could be realistic.
Our Assessment
DOGE is showing interesting technical and fundamental signals. The combination of long-term support and whale accumulation points to a favourable risk-reward ratio. However, caution is warranted: without a clear confirmation through a breakout above USD 0.18, the scenario remains speculative. Those who are invested or considering an investment should closely monitor the price action and overall market environment. A return of general market momentum could further boost Dogecoin.
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| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.17 |
| 24h % | 1.81 % |
| 7d % | -8.23 % |
| 30d % | -16.69 % |
| 60d % | -32.70 % |
| 1y % | -7.97 % |
| Market Cap | $24,857,429,121.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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