DOGE whales have accumulated over 530 million Dogecoin (DOGE) within the past 72 hours. This surge in whale holdings has coincided with a decline in Dogecoin price, signaling strategic buying at lower levels. Analysts suggest that such accumulation may indicate confidence in the asset’s long-term potential and could drive Dogecoin price to $0.30 if demand persists.

DOGE Whales Accumulate 530M Coins, Dogecoin Price to $0.30?

According to a recent post on X, crypto analyst Ali Martinez reported that large investors have been actively accumulating Dogecoin in the past three days. On-chain data from analytics platform Santiment indicates that DOGE whales have acquired 530 million coins during this period. This accumulation trend suggests that institutional and high-net-worth investors are capitalizing on Dogecoin price dips to strengthen their positions.

Despite a declining trend in recent weeks, analysts see the top meme coin whale activity as a potential precursor to a price recovery. Historically, similar accumulation phases have preceded short-term rebounds, as reduced market supply creates bullish pressure. While some traders remain cautious, expecting further retracement, whale buying reinforces price optimism.

If current demand holds, analysts suggest that Dogecoin price could push toward $0.30 in the coming weeks. However, technical indicators also suggest the potential for another pullback before a sustainable uptrend can be established.

Will Price Retrace to $0.125?

While the recent accumulation by DOGE whales has sparked optimism, some analysts anticipate a price correction before any major recovery. Crypto analyst Dave Hunter, posting on TradingView, projected a retracement to $0.125, describing it as an accumulation zone. His analysis is based on Dogecoin price action, which has struggled to break key resistance levels.

Hunter identified $0.24 as a critical resistance zone where Dogecoin price is expected to react before moving lower. He cautioned that a failure to breach this resistance could trigger further declines, leading to additional selling pressure in the short term. Liquidity sweeps from lower levels could also accelerate downward movement.

Despite this bearish outlook, some traders view the projected retrace as a buying opportunity. Market participants who accumulate near $0.125 may benefit if Dogecoin price rebounds in alignment with historical patterns of whale-driven rallies. 

TD Sequential Buy Signal Hints at Reversal

Moreover, the TD Sequential has flashed a buy signal for Dogecoin, suggesting that a price reversal could be on the horizon. According to Ali Martinez, the signal appeared on DOGE’s daily chart after a sequence of nine consecutive downward candles, a formation that historically precedes upward movements.

The TD Sequential indicator, often used to identify potential trend reversals, has been a reliable tool in past DOGE price movements. In addition to this signal, Martinez pointed out that an S13 pattern, represented by a green arrow on the chart, reinforces the possibility of a rebound. If this bullish signal holds, Dogecoin price could experience a sharp upward movement from its current levels.

Similarly, a recent CoinGape analysis supported the potential Dogecoin price rally to $3, citing strong whale accumulation and market resilience. According to the analyst, the top meme coin maintains support between $0.19 and $0.16, it will trigger a recovery toward key resistance levels, including $1 and $2, before testing the $3 mark.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.