Dogecoin (DOGE) Whales Accumulate 100M Coins Ahead of Potential Breakout

Dogecoin is currently trading in a tight range, consolidating above the $0.16 support level and struggling to break above the $0.19–$0.20 resistance zone. This consolidation phase comes as the broader crypto market shows signs of strength and renewed momentum.

Dogecoin (DOGE) has been consolidating in a tight range, with the price currently testing the critical resistance at $0.19. As Bitcoin and other major altcoins show signs of strength and renewed momentum, can Dogecoin break free and spark a recovery rally?

In the past week, whale activity in the Dogecoin market has been substantial, with approximately 100 million DOGE changing hands, according to on-chain data from Santiment.

This signals that large holders are becoming more involved and may be anticipating a shift in the market. Historically, major buying activity from large players, especially when combined with a broader market recovery, has often preceded upward price movements.

As Bitcoin continues to hold above the $90,000 level and major altcoins like Ethereum and Cardano show signs of a rebound, pressure is mounting on Dogecoin to break out of its consolidation phase and make a decisive move in either direction.

Dogecoin Could See A Breakout As Bitcoin Hovers At Key Levels

Dogecoin is currently trading at around $0.17, where it has been meeting strong resistance, especially at the $0.19 zone, which has consistently acted as a barrier for the past few weeks. A successful break above this level could trigger a recovery rally, but until then, the price action remains uncertain, and the potential for a reversal remains present.

Some analysts believe that failure to break out above $0.20, especially with the formation of lower highs, could signal a continuation of the broader downtrend, potentially pushing Dogecoin back toward the $0.15 zone, a key Fibonacci support level.

However, others believe that with Bitcoin holding strong and major altcoins beginning to rebound, Dogecoin could follow suit, setting the stage for a potential rally that could see the memecoin testing new all-time high levels.

This bullish outlook is further supported by the fact that whales have been actively accumulating Dogecoin. Top analyst Ali Martinez shared a chart on X (formerly Twitter) highlighting how whales accumulated 100 billion DOGE over the past week.

This surge in whale activity is typically observed ahead of price rallies, suggesting that Dogecoin could be preparing for a strong move as accumulation continues and market sentiment improves.

For now, all eyes are on the $0.20 resistance. A clean break above it could validate the bullish outlook, while rejection might extend the current consolidation phase.