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Dogecoin Price: Whales Buy 620M DOGE in Anticipation of Price Breakout



 Price support at $0.06 still holds: Dogecoin price finally appears to be heading higher. Is a trend reversal actually possible?


After surging 3.34% on Thursday, the market cap of the entire crypto market briefly hovered above $945 billion again. Altcoins recorded the largest increase. XRP and Dogecoin in particular were finally able to post profits again after a protracted price decline . 


Looking at the price action of other altcoins, DOGE's few percent gain yesterday doesn't seem particularly special. However, a look at the changes in certain long-term technicals and on-chain signals reveals why DOGE investors' expectations are rising . 


DOGE breaks through long-term price resistance 

Since September 13th, the DOGE price has steadily reached new lows. Previously, the meme token managed to make small gains from time to time, but these were only due to whims of market participants or short-term uptrends in the entire market . 


In the early hours of September 23, DOGE recorded its first higher low after a long downtrend . This could mark a reversal at the $0.057 support level. 


Dogecoin price plunged over 30% in the second half of August. After failing to break the resistance at $0.065, DOGE recorded another 12% drop between September 3rd and September 20th .


However, last week DOGE formed a double bottom and managed to reclaim the key resistance of $0.06 as a support level.


Whales stabilize the price

The number of addresses holding between 100 million and one billion DOGE is up 5.13% over the past seven days.


In addition, given the improving technical conditions, about six new whales have joined the network . These accumulated about 620 million DOGE in the same period .

Although the DOGE whales appear to be stabilizing the meme coin's price, there are still some resistances to overcome before a trend reversal is confirmed. 


Despite the increasing buying pressure, IntoTheBlock's IOMAP pointed to a stiff resistance at $0.069. Over 86,000 addresses hold more than 42 billion DOGE at this price .


On the short-term charts (1-hour and 4-hour), the RSI is showing easing buying pressure while the price is holding at $0.061. 


If the price closes decisively above $0.069 in the coming days, it could signal a breakout . However, if the bears regain control, DOGE could revisit the $0.057 level. 


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