Key takeaways
- DOGE is up 11% in the last 24 hours and is now eyeing the $0.30 resistance level.
- Whales have been accumulating Dogecoin in recent weeks.
Dogecoin rallies as the broader crypto market recovers
DOGE, the native coin of the Dogecoin blockchain, is one of the best performers in the top 10. The coin added 11% to its value in the last 24 hours and is now trading above $0.24.
The positive performance comes as the broader crypto market recovers from Monday’s slump. Bitcoin is trading at $120k once again, while Ether could set a new all-time high soon after surpassing $4,600.
In addition to that, whale accumulation has been the major driver behind DOGE’s price in recent weeks. Over 1B DOGE (valued at ~$200M) were acquired in recent sessions. Large-holder ownership now approaches half the circulating supply, signalling institutional confidence despite intraday volatility.
DOGE eyes the $0.3 mark as bullish momentum returns
The DOGE/USD 4-hour chart remains bullish thanks to the coin’s ongoing rally. DOGE has established a strong support at $0.220 (volume-backed morning defense) after overcoming the $0.238 resistance earlier today.
Traders are now watching out for a possible breakout continuation, with stability of $0.232-$0.220 support band on further profit-taking. Persistence of whale accumulation flows in the coming sessions could signal further bullish momentum, while the impact of broader market volatility on meme coin positioning cannot be ignored.
The RSI of 67 shows that buyers are in charge, with the MACD lines also within the bullish territory. If the bullish trend continues, DOGE could surge past the $0.28 resistance and hit the $0.30 mark for the first time since February.
However, the market could still undergo a correction that could see DOGE retest the $0.22 support level. Failure to defend this level could see DOGE drop below the $0.20 mark for the second time this month.
