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Dogecoin price has experienced increased activity following reports that large wallets have purchased over 130 million DOGE in the last 24 hours. This spike in accumulation occurred as investors prepared for two significant macroeconomic announcements: the US Federal Reserve's interest rate decision and the upcoming Digital Assets Stockpile Report from the White House.
Analyst Ali Martinez noted that these purchases were made by a whale, with confirmation from on-chain data provided by Santiment, indicating strong confidence from institutional investors.
These developments are likely to impact short-term volatility in the crypto market. The Federal Reserve's position on interest rates can influence risk assets, while the White House report may shape sentiment and future regulatory outlooks. Currently, DOGE is trading at $0.2283, showing resilience by maintaining its position above the critical support level of $0.22.
Also Read: Dogecoin News: DOGE Retreats Despite $500M Bit Origin Boost: Will $0.26 Hold?
Dogecoin has established the pattern of a double bottom breakout, a form that traders perceive as a bullish reversal. The price had just tested and bounced off with support at $0.23, confirming the neckline support. As long as buying pressure is maintained, analysts believe the price is likely to move toward $0.31 and even as high as $0.44. According to historical data, these levels were resistant in the past.
Technical indicators are showing mixed signals. Although the RSI stands at a neutral value of 54.42, indicating that there is still a potential for momentum to rise, the MACD histogram indicates a weakening bullish pressure. Nonetheless, the Chaikin Money Flow is at +0.08, which shows positive capital inflows. The trading volume of DOGE accumulation has also peaked at $2.59 billion following strong investor demand despite the corrections taking place.
Retail sentiment is rebounding, supported by rising Google search volumes for altcoins. The combination of institutional accumulation and retail interest increases the probability of significant short-term movement, especially if DOGE breaks above $0.25. Failing to hold this threshold may open the downside to $0.20 or even $0.17, both of which have served as long-term support levels.
Dogecoin price exhibits evident signs that it is on a long-term Elliott Wave trend on a weekly basis. According to the analysts, the rebound in July was the start of Wave 3, one of the strongest legs in this structure. If this theory is correct, DOGE could reach close to $1 in the current cycle. This outlook is supported by the weekly triangle structure drawn by Trader Tardigrade, showing that DOGE recently bounced from the base of Triangle III.
Analysts like BitGuru and Hailey have also emphasized the significance of the breakout of the $0.243 level. According to the short-term prediction, BitGuru will move 30% to $0.28 (based on past trends). Hailey cited the breakout retest as a reflection of DOGE during Q4 of 2023, which saw the price action shoot up after a similar consolidation. The fractal pattern indicates that increments above $0.247 may lead to continued gains.
At the time of writing, Dogecoin trades near $0.22, down 5.46% in 24 hours but showing structural signals of a possible reversal if current conditions hold.
