Dogecoin (DOGE) indicates a potential bullish flag pattern on the hourly chart, signaling buyer consolidation after recent gains of the DOGE price. Key support levels remain crucial to preserve this structure, while significant whale accumulation during the market dip reflects strong holder confidence in a prospective recovery.
At the time of writing, DOGE is trading at $0.08664 with a 24-hour trading volume of $811.31 million and a market capitalization of $14.84 billion. Despite the 1.61% gain over the last 24 hours, the DOGE price structure and whale accumulation point to a bullish reversal ahead.
Source: CoinMarketCap
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DOGE Price Eyes $0.115 as Bull Flag Forms
According to the crypto analyst Ali Charts, the DOGE price is showing signs of a potential bullish flag formation on the hourly chart, suggesting that buyers may be consolidating after recent price action.
However, the setup does not rule out another pullback, with the $0.081 support zone remaining important. Holding this level could preserve the broader bullish structure and encourage another test of resistance.
Source: Ali Charts’s X Post
The main support for the bulls of DOGE stands at the $0.090 mark that currently constitutes a significant resistance barrier for DOGE price action.
The breakout of the bullish flag pattern will be confirmed by the hourly close above the $0.090 level, thus opening the way towards $0.115 with an expected 30% upward movement from the breakout zone.
Dogecoin Whales Accumulate 1.7 Billion DOGE
The data from Dogegod further highlighted that Dogecoin whales are capitalizing on the current dip in the market and have been buying up 1.7 billion more DOGE valued at around $153 million.
This massive purchase means that there could be some large players in the market who think the dips are good enough opportunities to add more to their positions.
The most recent developments of whales will help build up the bullish story on Dogecoin in case of continued buying amid a favorable market environment.
Accumulation by whales during times when the asset is performing poorly generally means that the investor is confident about future gains but doesn’t always guarantee that the asset will continue to move higher.
Despite the bullish price predictions and whale accumulation, the DOGE price is moving in a downward direction. This move is also backed by the general trend in the crypto market as the BTC price has started to move sideways.
What Comes Next?
The future for the DOGE price might be contingent on whether the accumulation by whales causes more buying pressure. In case of good support and an increase in buying pressure, a potential rebound might ensue.
Otherwise, further selling could cause DOGE to remain in consolidation, where the price action of Bitcoin becomes critical for the next move.
Also Read: DOGE Price Eyes $5+ Rally as iOS Integration Fuels Bullish Sentiment
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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