Whales Buy 470 Million Dogecoin In 48 Hours As Price Tests Crucial Demand Level – Details
Dogecoin has faced a challenging period amid the recent market sell-off, falling a steep 20% from its local highs. Despite this setback, the memecoin leader maintains a bullish structure, remaining above key demand areas.
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Renowned cryptocurrency analyst Ali Martinez recently shared compelling on-chain data showing that whales have been actively accumulating DOGE during this economic downturn. In the past 48 hours alone, large holders purchased over 470 million DOGE tokens, demonstrating confidence in the asset’s potential recovery and long-term value. While the broader market remains uncertain, this significant accumulation demonstrates strong institutional and whale interest.
Dogecoin’s Resilience at Current Levels Reflects its ability to capture investors’ attention, especially during periods of volatility. DOGE’s ability to maintain a bullish structure could pave the way for a sharp rebound as the broader market looks for direction.
Dogecoin prepares for big move
Dogecoin has shown resilience, holding on above the $0.33 mark despite falling significantly from its recent local highs. This level has emerged as a key demand area for the meme coin, setting the stage for a potential recovery and upward momentum. Market analysts and investors are closely watching DOGE’s price action and expect its upward trend to continue as expectations for a strong rebound this year grow.
Martinez recently emphasized Compelling on-chain data on Xshowing that whales have accumulated over 470 million DOGE in the past 48 hours. The surge in whale activity during price consolidation highlights the growing confidence of large holders in Dogecoin’s long-term prospects.
Historically, this accumulation has often been a precursor to large price moves, as institutional and high-net-worth investors prepare for the next big move.
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While the broader market is going through a period of uncertainty, bullish whale activity adds a layer of optimism for Dogecoin. With smart money actively accumulating, DOGE appears to be in a strategic accumulation phase, setting the stage for a potential breakout. If this trend continues, Dogecoin could attract new retail interest and return to higher levels, further solidifying its status as one of the most talked about assets in the cryptocurrency space.
Price Analysis: Key Supply Levels
Dogecoin is trading at $0.33, showing resilience despite recent market volatility as it remains above the key demand level of $0.31. This support area provides a solid base, but prices continue to face significant headwinds on the road to recovery. Each day DOGE remains below the $0.40 mark increases the risk of further correction, putting pressure on bulls to reclaim higher levels to maintain the bullish structure.
For Dogecoin to regain momentum and inspire investor confidence, the price must break the $0.40 mark and hold it as support. This level is a key psychological and technical barrier, and a recovery there would signal strength, encouraging further buying pressure. Beyond $0.40, the $0.43 mark will become the next key target. A break above this level would pave the way for Dogecoin to enter price discovery mode and potentially reach new highs.
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Failure to overcome these resistance levels in the short term could lead to longer-term consolidation or a retest of lower support areas. However, given recent whale activity and strong demand at current levels, Dogecoin has the potential to reverse its downward trend and resume its upward trajectory. The next few days will be crucial as the market awaits a decisive move.
Featured image from Dall-E, chart from TradingView
