$200M in Accumulation Pushes Dogecoin Above Key Resistance
Dogecoin (DOGE) surged in a high-volume breakout session after blockchain data revealed over $200 million in whale purchases. The move propelled the meme-inspired cryptocurrency more than 3% higher, breaking through a short-term resistance zone and signaling renewed bullish sentiment despite broader market turbulence.
On the 4-hour chart, DOGE had been consolidating below $0.00360, facing repeated rejections at a minor resistance band around $0.00390 to $0.00400. The latest rally has brought the token back into striking distance of that zone, with intraday gains fueled by significant institutional-style accumulation.
Earlier this summer, DOGE traded within a descending wedge pattern, marked by lower highs and lower lows. The breakout from this pattern in late June initiated a gradual climb, but selling pressure capped gains. Price action then revisited the $0.00280 to $0.00295 support zone—a level now acting as a strong accumulation area, evident from repeated bounces.
Current trading volumes have spiked above recent averages, confirming active market participation. Analysts are closely watching the $0.00400 resistance level; a decisive close above it could open the path toward $0.00440, aligning with previous swing highs.
“DOGE’s technical setup is cleaner now compared to earlier in the quarter,” BITX analyst observed. “If bulls can maintain momentum and absorb selling pressure at resistance, we may see an extended push.”
For now, $0.00320 serves as immediate support, while $0.00280 remains the key level to hold for preserving the bullish bias. The presence of large buyers adds confidence to the current structure, but traders are advised to monitor profit-taking near the upper resistance.
With whale accumulation, a breakout from prior resistance, and a solid technical base, Dogecoin appears poised for potential further upside—provided it can clear the looming red zone on the chart.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.