Dogecoin is showing signs of a potential price rebound after hitting a rare monthly buy signal while maintaining key long-term support. Investors are taking note as major holders, or whales, continue to accumulate, signaling growing confidence in the meme coin’s prospects.
Technical Indicators Point to Bullish Momentum
Currently trading around $0.0733 with a daily volume exceeding $619 million, DOGE gained over 6% in the last 24 hours. A prominent crypto analyst, Ali Charts, highlighted that DOGE triggered a monthly TD Sequential buy signal near a significant support level of approximately $0.056. This indicator often marks the end of bearish momentum after an extended slump.
If the $0.056 support holds firm, DOGE could bounce up to the first resistance near $0.16. Beyond that, there’s potential for the price to push toward the upper boundary of a long-term descending channel, roughly at $0.45. However, failure to keep above this support might lead to further downward pressure.
Whale Accumulation Suggests Strengthening Foundations
Data from the DogeGod platform reveals that leading Dogecoin wallets collectively acquired about 1 billion DOGE in just one day, valued at around $70 million. Such accumulation by whales tends to reflect long-term trust rather than short-term speculation, often acting as a strong foundation for future price gains.
Gradual building up of holdings by these major investors can tighten supply, which may support a sustained upward trend. Traders are watching closely for rising volume and improved price action as Bitcoin’s recent positive momentum contributes to an overall bullish vibe in the crypto market.
This material is for informational purposes only and does not constitute financial advice.
