Dogecoin: The crucial level that could ignite the DOGE Bull Run

Crypto whales trigger historic accumulation

The Dogecoin market is experiencing an early wave of euphoria, a rare commodity in crypto lately, fueled by institutional investors and mysterious whales. Recently, the network recorded a six month high in activity, with 739 transfers exceeding $100,000 executed in a single day. This buying frenzy highlights a major resurgence of bullish interest in the token.

On chain data reveals that the 149 largest wallets, each holding at least 100 million DOGE, have accumulated a staggering total of 108.52 billion DOGE. This colossal reserve marks a new accumulation ATH, valued at approximately $11.80 billion. Currently, the price of DOGE is trading around $0.108, consolidating its recent gains.

This massive momentum suggests that large wallets are anticipating an imminent breakout. The absorption of available supply on exchanges significantly reduces selling pressure, creating an environment primed for a price surge if retail demand follows suit.

Is Dogecoin ready to smash through its technical resistances?

From a technical analysis standpoint, DOGE is displaying a particularly interesting setup. The asset is holding firmly above its 30 day simple moving average (SMA), located at $0.091. Furthermore, the price has consistently closed on the weekly timeframe above its major trendline around $0.083. This confirms an accumulation phase by smart money, which has successfully defended this level. 

However, momentum indicators call for some caution. The RSI is currently sitting at 35.37, signaling that selling pressure remains present and is attempting to counter the buyers. If the bulls manage to regain control and break through the immediate resistance, Dogecoin could quickly retest the $0.29 zone.

And this zone is crucial. It is the bearish trendline that must be broken to validate a Dogecoin breakout and reignite the medium term bullish trend. If the price fails to push past $0.129, a return to new lows in the coming months or years is more probable. The $0.05 zone is the primary target in HTF.

This bearish scenario cannot be entirely ruled out. Any weakness in the current trend could lead to a retracement toward the $0.105 level. 

Dogecoin has two bearish order blocks on the 2 week chart and two bullish order blocks to the downside. DOGE is currently bouncing off the first one, while the second is located around $0.06. So, will it drop down to sweep its second liquidity zone?

How high can the price of Dogecoin (DOGE) go?

The frantic accumulation by whales and the defense of key supports place Dogecoin at a decisive crossroads. If the bullish momentum ignites and trading volume follows, the cryptocurrency could break free from its consolidation phase to initiate a massive rally. Dogecoin offered a highly attractive risk/reward ratio, and smart money took full advantage of it.

Now, the question is when they will take their profits. Are they betting on a small short term bounce, or are they targeting the return of the bull run and a push toward new ATHs?

The coming days will be crucial in validating or invalidating this breakout scenario. Will retail investors follow in the whales’ wake to propel DOGE toward new yearly highs, or will the market suffer another technical rejection?

But if DOGE explodes, the memecoin will have to break through a massive liquidity wall between $0.20 and $0.38 to the upside. And it could take months to overcome this hurdle. The mid range at $0.115 is a level that must be held as support over time to at least validate a bullish momentum in the short to medium term. However, the $0.129 level remains the most critical. A clean break above it, and the bull run could be explosive.

Sources:

• Cointelegraph
• Coinpedia
• TradingView

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