Dogecoin Rebounds 3.64% as Whales Accumulate $298M

Dogecoin (DOGE) has shown signs of a potential trend reversal after rebounding from a critical support level of $0.143. This rebound comes as the cryptocurrency market has seen a recent uptick, with a 1.30% increase to a value of $2.65 trillion. Currently, DOGE is trading at $0.1614, marking a daily increase of 3.64%. Despite this positive movement, DOGE has experienced weekly and monthly declines of 17% and 34%, respectively.

Technical indicators are aligning with bullish sentiment. The TD Sequential indicator has given a buy signal on the daily chart, which has historically preceded major price rallies. Market analyst CryptoELITES has shared an optimistic forecast, suggesting that DOGE could reach $5 in the near future based on historical chart patterns. This prediction is supported by the recent accumulation of 1.7 billion DOGE worth approximately $298 million by large investors over 72 hours during the market dip. Such accumulation often precedes price increases, as whales take advantage of lower prices to increase their holdings.

Historical patterns also support the case for an upcoming rally. Dogecoin has experienced three major retracements since October 2022, with the first two correcting by approximately 64% before seeing price spikes of 300% and 500%. The recent 66% pullback mirrors these past corrections that led to explosive breakouts. If this pattern continues, DOGE may be positioned for another major price surge. Additionally, approximately $29.15 million worth of short positions face liquidation if DOGE reaches $0.2146, potentially triggering a short squeeze.

Looking at longer timeframes, Dogecoin is currently resting near the same parallel support line it touched in previous cycles. Both 2017 and 2021 saw similar setups before major breakouts. Many experts consider $2 a pivotal target for Dogecoin. Dogecoin co-founder Billy Markus has projected a possible surge to $2.3, representing a 500% increase from current levels. Analyst Lumen projects DOGE could surge to $0.5 if it breaks past $0.2 before ETF approval. More boldly, crypto expert DOGECAPITAL suggests Dogecoin could reach $90 by the end of 2025.

Despite the optimism, the U.S. Securities and Exchange Commission has delayed its decision on approving ETFs for Dogecoin and several other cryptocurrencies. However, ETF Store President Nate Geraci believes these ETFs will eventually gain approval. This delay has not dampened the spirits of experts who remain optimistic about Dogecoin's future. The recent accumulation by whales and the historical patterns of price corrections suggest that DOGE could be on the verge of a significant rally. Investors should consider these factors when deciding whether to follow the lead of the whales and buy the dip.