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
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