Dogecoin (DOGE) whales continued to accumulate indicating a potential price rise.
A tweet from Ali (@ali_charts) revealed that major shareholders received another 590 million DOGE within 24 hours. This surge in whale buying has increased interest, with many wondering if another bullish breakout is on the horizon. At the same time, technical indicators and market trends provide conflicting signals, keeping traders on their toes while monitoring key price levels.
Dogecoin whales are accumulating, fueling market speculation
Wallets containing between 10 million and 1 billion DOGE, Dogecoin whales, were, according to Ali’s chart, in an accumulation period.
Whales bought another 590 million #Dogecoin $dawg During the past 24 hours, as shown in data from @santimentfeed! pic.twitter.com/HlT3A79m2S
– Ali (@ali_charts) January 22, 2025
In his tweet, Santiment included a graph showing how these large investors increased their holdings between January 10 and January 17, prompting… Doji price From about $0.34 to more than $0.42. This buying activity suggests that whale accumulation played a role in fueling the uptrend.
However, after January 17, the accumulation of whales slowed down, and the price of Dogecoin saw increased volatility. By January 21, holdings had stabilized at around 47.74 billion DOGE, but price action had become choppy.
The cryptocurrency briefly fell below $0.32 before bouncing back to $0.379. The market is still in a state of flux, with traders watching closely to see if this is possible Whales continue to buy Or start distributing their property.
Key DOGE Price Levels to Watch
Another prominent market watcher, Crypto_Jobs TA & FA (@CryptoJobs3), commented on DOGE’s price action.
$dawg I am very bullish above $0.3500 📈
Strategy: DCA and enjoy the moon! 🚀
If it settles here near $0.3600, prices could rise again soon #Doge #Mimi pic.twitter.com/SjvsAD8fcB
— 🧙Crypto_Jobs🧙♂️ TA & FA 🎯 (@CryptoJobs3) January 22, 2025
He shared a chart highlighting key support and resistance levels, noting that if DOGE settles above $0.3600, prices could rise again. His analysis also pointed to a downtrend line acting as resistance, which must be broken for bullish confirmation.
Technical indicators are showing mixed signals. The Relative Strength Index is hovering around the 61.88 level, indicating upward momentum, but not yet in the overbought zone. The MACD histogram is showing a bullish divergence, indicating a potential upside.
Meanwhile, DOGE price is near the lower bound of the Bollinger Band indicator, indicating oversold conditions and the possibility of a rebound.
Read also: This simple formula explains why Kaspa (KAS) is still a Strong Buy.
Dogecoin market sentiment and future outlook
Doji trades About $0.3606 When publishing. This reflects a 2.40% gain over the past week and a 2.34% decline in the last day, according to CoinGecko. Trading volume remains high, exceeding $4.1 billion in the past day, indicating strong interest in the market.
Whether or not the price of Dogecoin will see another rise may depend on the continued accumulation of whales. If large holders maintain or increase their positions, a renewed bullish push could emerge. On the other hand, if distribution rebounds, DOGE may struggle to maintain upward momentum.
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