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Dogecoin has been volatile over the past few weeks, reflecting overall market indecision. After reaching a year-to-date high of $0.484, the price fell sharply, losing more than 25% of its value. This decline has created uncertainty among retail investors as Dogecoin struggles to regain momentum and find a clear direction.
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Despite the retrace, on-chain data provides promising signals for Dogecoin’s recovery potential. Santiment indicators reveal that Dogecoin whales took advantage of the recent decline and amassed a staggering 210 million DOGE during the correction. This accumulation suggests that large holders are positioning for higher prices and demonstrating confidence in Dogecoin's long-term prospects.
The market will be watching closely to see if this whale activity can reignite momentum and push Dogecoin back toward higher prices. A recovery may be on the horizon as whales have been accumulating during the correction, but price still needs to regain key resistance levels to confirm bullish continuation. Investors and analysts are waiting for the next move, which could determine whether Dogecoin remains in the consolidation phase or resumes its upward trend.
find fuel for the rally
Dogecoin has had an outstanding performance recently, experiencing a significant rally since November 5th. Memecoin rose over 220% during this period, attracting the attention of both retail and institutional investors. However, after this impressive rally, Dogecoin is currently in a consolidation phase as the market pauses before the next significant move.
Top analyst Ali Martinez shared his insights on X, highlighting Santiment’s on-chain data that provides a bullish view. According to Martinez, Dogecoin whales have taken advantage of the recent price correction and amassed a whopping 210 million DOGE.
Dogecoin whale buys 210 million DOGE | Source: Ali Martinez of X
The activity highlights the growing interest in “smart money,” as large holders often save during declines in anticipation of future price increases. Such whale activity is a long-term positive signal for Dogecoin and memecoins, suggesting confidence in their potential for further growth.
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Despite the bullish signals, Dogecoin needs to overcome the current decline to maintain its upward trajectory. A break above the current pattern is likely to trigger another surge and continue the rally. However, a failure to break out could lead to a deeper correction as investors reassess near-term market conditions. The next move is likely to determine the direction of Dogecoin in the coming weeks, making this a critical moment for the popular meme coin.
Significant demand for testing Dogecoin
Dogecoin (DOGE) is currently trading at $0.41 after successfully testing support at the $0.36 level, a key area that has remained solid amid recent market volatility. Over the past few days, DOGE has been trading sideways, confined between the resistance at $0.48 and the support at $0.36. This range-bound movement suggests that the market is in a correction phase, with both bulls and bears waiting for the next decisive move.
DOGE tests significant demand | Source: DOGEUSDT chart on TradingView
If Dogecoin can break above the key resistance level at $0.48, it could signal new bullish momentum and trigger a rally. Such a breakout could attract more buyers and set the stage for DOGE to challenge previous highs. On the other hand, failure to sustain the $0.36 support level could lead to a deeper correction and test a lower demand zone as investors lose confidence in the short-term outlook.
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As Dogecoin remains within this range, traders and investors are closely monitoring the price trend for a breakout or signs of a breakout. The next few sessions will be crucial in determining whether DOGE returns to its upward trajectory or faces a longer period of correction. Memecoin is at a crossroads and preparing for its next big move.
Featured image from Dall-E, chart from TradingView
