coinjournal.net
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.
$DOGE/USD 4H Chart">
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.