Despite a sharp 39% decline in just 48 hours, Dogecoin whales have seized the opportunity to accumulate a massive 750 million DOGE during the dip.
On-chain data shared by top analyst Ali Martinez suggests that institutional and large-scale investors are confident in Dogecoin’s long-term potential.
Are Whales Signaling a Major Breakout?
DOGE has struggled to maintain key support levels, with its price currently hovering around $0.26, just above the 200-day Exponential Moving Average (EMA). If the price stabilizes and reclaims key resistance levels, Dogecoin could be poised for a strong recovery.
However, if selling pressure continues, DOGE may drop further toward the $0.22 demand zone before finding solid support. Analysts believe that a breakout past $0.29 could trigger renewed bullish momentum, potentially setting the stage for a rally toward new highs.
Long-Term Bullish Outlook
While short-term volatility remains a concern, whale accumulation is often a bullish signal, suggesting that large investors expect a price rebound. If Dogecoin manages to hold above the 200-day EMA, it could regain momentum and push past resistance levels in the coming weeks.
With market uncertainty still looming, traders are closely watching whether DOGE can sustain its current levels or if further consolidation is needed before another breakout.
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