Jakarta, Pintu News – Despite its playful origins, Dogecoin (CRYPTO: DOGE) has become a subject of serious analysis as its price remains in a consolidation phase. Data from Santiment reveals massive accumulation activity by Dogecoin whales, adding an interesting layer to the broader cryptocurrency market trends.
What Happened: As per the latest information, Dogecoin is currently trading in a very narrow range of $0.17 to $0.18, approaching a critical resistance zone at $0.20. If Dogecoin manages to break this resistance, it could trigger a recovery rally towards the $0.25 zone. However, failure to break the $0.20 resistance might keep Dogecoin in a consolidation phase or even push it back to the $0.15 zone.
Prominent analyst Ali Martinez has shared a chart highlighting the heavy accumulation by whales, further indicating a potential price spike. With Bitcoin (BTC) stabilizing above $90,000 and other major altcoins like Solana (CRYPTO: SOL) and Polygon (CRYPTO: MATIC) showing signs of rebound, the stage might be set for Dogecoin to follow suit.
Dogecoin Price Consolidation and Key Indicators:
Dogecoin (DOGE) is still holding above the $0.16 support, but it's struggling to reach higher peaks. To confirm the breakout and start a recovery rally, Dogecoin needs to reclaim the $0.22 level, which is a key resistance zone and in line with the 200-day exponential moving average (EMA).
If Dogecoin manages to reclaim this level, it will signal strength and could trigger an upward move towards $0.25 and higher. However, the lack of continuation and volume at current levels raises concerns. If $0.16 support fails to hold, downside risks will increase significantly.
Also Read: Ripple (XRP) Moves $1.1 Billion — What Happened
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
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