Dogecoin (DOGE) Price Regains Momentum as Whales Initiate Accumulation

Amid the ongoing bullish reversal in the cryptocurrency market, the Dogecoin price has regained momentum by recovering its multi-month losses.

The memecoin market has been a interesting one to follow in 2024, with some impressive performances from the likes of SHIB and PEPE. However, one coin that has been consistently in the news for its price action and potential is Dogecoin (DOGE).

Recently, dormant investors have been closely watching the price action of this altcoin. In addition, increased whale activity and adoption could act as a catalyst for this memecoin to head toward its 52-week high soon. Are you one of many who are considering DOGE memecoin in your portfolio? Read our possible DOGE price prediction today to uncover potential mysteries.

As Ali charts, a well-known crypto analyst, recently posted on his “X” (Previously Twitter) about the on-chain sentiment of the DOGE memecoin. Through his post, he highlights the bullish increase in the dynamics of the largest memecoin.

According to the latest data from Santiment, a highly-reputed on-chain platform, the crypto whales have made a collective purchase of over one billion dollars in the last seven days alone. This highlights a steady rise in the accumulation phase among the whales and institutional investors in this memecoin.

The price of Dogecoin has surged by 4.18% in 24 hours, with a massive trading volume of $2.14 billion. It has a market capitalization of $34.12 billion and a circulating supply of 149.28 billion DOGE.

The Cross EMA 50/200-day has displayed increased positive influence and is on the path of experiencing a Golden Cross in the daily time frame. This suggests a significant uptrend in the bullish sentiment for the largest memecoin in the market.

Moreover, the Relative Strength Index (RSI) has stabilized above the neutral trendline. At the same time, its average is about to record a positive convergence in the Dogecoin price chart. This highlights that this meme coin may continue rallying during the coming days.

If the odds favor the bulls, the Doge memecoin could retest its immediate resistance level at $0.243.

Adding to this, if the bullish sentiment intensifies, in that case, the price of Dogecoin could head toward its multi-month high of $0.286 this month.

Conversely, if the bears gain dominance, it could drop toward its important support level of $0.20. Furthermore, if the bulls fail to regain momentum at that point, this could result in this memecoin plunging toward its May low in the upcoming week.