Crypto News

Dogecoin Breaks Key Resistance As Whales Accumulate Over $140 Million In DOGE

Dogecoin ($DOGE) has surged past the crucial $0.111 resistance level, where over 36 billion DOGE are held by 62,270 addresses.

If DOGE maintains this level, it could confirm a bullish breakout, opening the door for further gains. With no significant supply barriers in sight, the path toward $0.150 appears clear.

In the past 48 hours alone, Dogecoin whales have bought more than 1.40 billion DOGE, valued at approximately $140 million, signaling strong interest from large investors. This accumulation highlights growing confidence in the token’s future price potential.

Adding to the optimism, $DOGE recently broke out of both its Relative Strength Index (RSI) and price downtrends, which had lasted for months. The breakout also triggered a buy signal from the SuperTrend indicator, further suggesting upward momentum for the meme coin.

Dogecoin Vs Bitcoin, Historically Data And Surge

Historical data offers an even more compelling narrative. In the previous market cycle, the DOGE-BTC pair experienced around 56 days of stagnation and volatility before skyrocketing. In that instance, Dogecoin’s price increased 84-fold against Bitcoin. Investors who had put one Bitcoin into Dogecoin at the cycle’s low would have seen it grow to 84 Bitcoin at its peak.

Currently, Dogecoin is once again in a similar 56-day period of stagnation, comparable to its previous cycle. The timing of this phase, especially with the Bitcoin halving on the horizon, suggests that DOGE could be positioning itself for another explosive rally.

With whale accumulation increasing and technical indicators aligning, Dogecoin looks primed for a potential run, much like its historic rise in past market cycles. All eyes are on $DOGE as it continues to show strength, potentially leading to significant gains for investors.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

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