Dogecoin currently trading in tight range between $0.16 support and $0.19-$0.20 resistance
Whales have accumulated approximately 100 million DOGE in the past week
Analysts split on future direction but whale activity often precedes price rallies
Breaking above $0.20 could trigger recovery rally toward $0.25
Technical patterns suggest potential for significant upward movement in coming months
Dogecoin is currently consolidating above the $0.16 support level while struggling to break through the $0.19-$0.20 resistance zone. This price action comes as the broader cryptocurrency market shows signs of renewed momentum, with Bitcoin holding strong above $90,000.
Recent on-chain data from Santiment reveals that Dogecoin whales have accumulated approximately 100 million DOGE over the past week. This buying activity from large holders often signals growing confidence in the asset’s future performance.
Top analyst Ali Martinez shared this data on X (formerly Twitter), noting that such whale accumulation typically precedes price rallies. This activity supports the case for a potential breakout if market conditions remain favorable.
Dogecoin is trading around $0.17-$0.18, hovering near critical resistance levels that have acted as strong barriers over recent weeks. Bulls are attempting to reclaim higher levels, particularly the $0.20 zone.
A successful break above this resistance could trigger a recovery rally toward $0.25 and beyond. However, failure to break out could extend the current consolidation phase or potentially push the price back toward the $0.15 zone.
Technical Patterns Point to Possible Rally
According to technical analyst Trader Tardigrade, Dogecoin appears to have completed its pullback phase for this cycle. The meme cryptocurrency has established a solid base above important support levels, suggesting underlying strength despite the current consolidation.
Chart analysis shows that DOGE has persistently found support at previous swing highs. It recently bounced back from a key support zone to reach a high from a prior upswing, indicating resilience within current market conditions.
Based on the 3-day chart, Trader Tardigrade believes the meme coin may have finished its pullback. As a result, he forecasts another sharp rally in the near term, which could push DOGE to a new all-time high in 2025.
The last time DOGE entered a recovery phase, it resulted in a notable upward move in the form of a Rising Wedge formation. A similar pattern is currently unfolding on the 4-hour chart, hinting at an impending rally.
Should past trends repeat, the cryptocurrency is expected to rally in the upcoming days, potentially reclaiming the $0.225 level as bulls generate enough demand to break above the 200-day exponential moving average (EMA).
Accumulation Cylinder Pattern Emerges
Another technical analyst, Crypto Bullet, has identified what he calls a “Textbook Accumulation Cylinder” pattern on DOGE’s 3-day chart. This pattern suggests the potential for substantial price movement in the coming months.
Based on this pattern formation, the meme coin could be positioned for a major price increase in the near future. The pattern hints at a possible surge to above $3.2, followed by a decline to $1.2 before rebounding to $2 again.
However, for now, DOGE remains range-bound with indecision dominating the short-term outlook. The next major move will depend on whether bulls can generate enough momentum to break above key resistance levels.
For traders and investors watching DOGE, the $0.20 resistance remains the level to monitor. A clean break above it could validate the bullish outlook, while rejection might extend the current consolidation phase.
Currently trading at $0.176, DOGE continues to hold above the $0.16 support level. To confirm a breakout and shift toward a recovery rally, the cryptocurrency must reclaim the $0.22 level, which aligns with the 200-day EMA.
If bulls fail to defend the $0.16 support, the downside risk increases. A breakdown below this level could open the door to a deeper correction, potentially driving DOGE down into the $0.13-$0.10 region.
All eyes remain on whether Dogecoin can break out of its current trading range as whale accumulation continues and market sentiment improves.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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