Dogecoin Whales Accumulate 171M DOGE, Fueling Hopes for $0.70 and Beyond

Dogecoin has made a comeback in the limelight after it was discovered that there has been a significant accumulation by whales in a short span of time. Whales have collectively acquired more than 171 million DOGE, which indicates that deep-pocketed investors are gaining confidence in the coin.

This kind of purchasing indicates the fact that the big players could be expecting more volatility or possibly an alteration in the price structure of Dogecoin. In the past, the accumulation stages of the whales had been followed by important price appreciation as the limited supply of the token had contributed to the accelerated momentum of the price.

While short-term price reactions remain uncertain, the scale and speed of this accumulation highlight growing optimism around DOGE’s near-term outlook and broader market relevance.

Also Read: Dogecoin Signals Trend Reversal, Eyes $0.16 Breakout

Dogecoin Targets $0.70 as Bullish Trend Continues

However, the data from Bitcoinsensus revealed that DOGE remains in a constructive market pattern as the larger crypto market cycle develops. In this market cycle, DOGE has moved in a steady fashion upward, with a series of mini bullish rallies that have taken prices towards the top resistance level and into a controlled phase of pulling back, indicating a healthy market rather than one that has reached exhaustion.

Source: X

This cyclical pattern of impulses followed by retracements suggests that buyers have been interested in it at higher levels. With increasing momentum in the overall markets, it is possible that Dogecoin is on the verge of entering a new phase of expansion.

With the rising volume and sentiment, it is possible that Dogecoin can test the $0.70 level and move past it, which is in line with the pattern it has followed in the past.

Dogecoin’s Third Falling Wedge Signals Potential Breakout

Moreover, another crypto analyst, Trader Tardigrade, revealed that Dogecoin is currently forming its third falling wedge. The falling wedge is often expected to be a bullish reversal signal. The formation of the falling wedge indicates the possible reduction of selling power and the readiness of buyers to reverse the trend. The breakout signal of the falling wedge on the higher charts is stronger.

Source: X

Historically, the Doge has been highly receptive to such patterns. The breakout from the first falling wedge saw a 200% rally, followed by a much steeper 370% rally from the second one. If the third one follows suit, then a potential 450% rally would see the $1 level back in play as a major resistance.

Also Read: Dogecoin Whale Activity Falls 86% in a Week as DOGE Trades Near $0.14