Quick Overview
- DOGE maintains position around $0.0985 following a bounce from September support levels.
- An upward-sloping trend line established in August continues to validate bullish market structure.
- Critical support zone identified at $0.0792, while key resistance remains at $0.1174.
- Relative Strength Index registers 62.94, indicating healthy momentum without overextension.
- MACD maintains bullish positioning with both line and histogram in positive territory.
The popular meme cryptocurrency is currently hovering around the $0.0985 mark following renewed upward pressure. The digital asset continues to respect its ascending daily support line.
Today’s trading session saw DOGE open near the $0.0971 level before climbing to test $0.0985. The cryptocurrency posted gains of approximately 1.4% during this period.
The technical landscape has shown marked improvement throughout the past several weeks. Following a bottom formation near $0.069 in August, Dogecoin has established a clear pattern of ascending lows paired with higher peaks.
This price action has generated an upward-sloping support trend line that has proven resilient throughout September. DOGE currently maintains its position above this technical level, which now extends through the lower $0.08 region beneath current market prices.
Critical Price Zones
Technical analysis reveals a significant horizontal support area positioned around $0.0792. This price level has functioned as a crucial inflection point throughout the recent recovery phase.
Looking upward, the primary resistance barrier stands at $0.1174. This level previously rejected price action during the May advance and continues to represent the most formidable obstacle on the daily timeframe.
While DOGE remains below this target, the current rebound has positioned it within striking distance once again.
Prior to attempting a test of $0.1174, bulls must first establish control above the $0.10 threshold. The cryptocurrency has made multiple approaches to this psychologically significant level throughout the current month.
Successfully clearing $0.10 would enhance the near-term technical picture and establish a more direct route toward the resistance zone established in May.
Should downward pressure emerge, the ascending trend line provides initial technical support. However, the $0.0792 level represents the more critical foundation for the current structure.
A decisive close beneath $0.0792 would compromise the existing higher-low formation and redirect attention toward the August base area.
Technical Indicators And Large Holder Accumulation
The Relative Strength Index for Dogecoin currently stands at 62.94. This reading exceeds the neutral midpoint of 50 while remaining comfortably below the overbought boundary at 70.
This suggests solid buying pressure that has not yet reached excessive levels. The MACD indicator also displays positive characteristics, with the primary line positioned near 0.0039 compared to the signal line at approximately 0.0030.
The histogram displays a value around 0.0010, confirming that near-term momentum has accelerated following the recent consolidation. Trading volume has expanded during multiple September sessions, particularly during the advance from the $0.0792 support zone.
Market analyst Ali Charts highlighted significant whale accumulation during this period. According to his analysis, Dogecoin encountered resistance around the $0.098 area, where approximately 28 billion DOGE previously traded hands. Despite this barrier, large holders have acquired over 1.14 billion DOGE tokens during the past 96 hours, representing roughly $112 million in value, suggesting positioning for an upward breakout.
Current technical structure shows DOGE maintaining its position above trend support while momentum indicators continue to signal strength. The market is now attempting to generate sufficient buying power to overcome the $0.10 psychological level and subsequently challenge the $0.1174 resistance zone established during earlier price action.
The post Dogecoin (DOGE) Eyes Major Breakout as Whale Wallets Accumulate $112M appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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