Dogecoin Whale Accumulation Hints at Looming Breakout Above $0.1790
- Whales accumulated 100 million DOGE in a week, signaling rising institutional confidence and demand.
- Analyst Cryptokijker sets short-term DOGE breakout targets at $0.1840 and $0.1920 above $0.1790.
- Crypto Patel sees possible long-term DOGE surge to $5, citing historical patterns and wave structure.
Dogecoin is showing signs of gaining momentum, with major investors fueling renewed optimism. On May 1, crypto analyst Ali Martinez noted that whales have accumulated 100 million DOGE in the last seven days. This surge, tracked through wallets holding between 1 million and 10 million DOGE, signals growing interest from large holders.
This growing concentration of holdings hints at rising confidence among institutional players. Whale accumulation often precedes significant market movements. Such behavior has now stirred bullish sentiment among retail investors, many of whom see this as the beginning of a new upward cycle.
On the technical front, a hidden bullish divergence has emerged in the Relative Strength Index (RSI), signaling that the market may be gaining strength below the surface. This development was flagged in a TradingView update by analyst Cryptokijker, who believes the structure of the current price pattern leans toward a neutral-to-bullish outlook. The Dogecoin price recently broke above the Previous Day Low, which reinforces the idea of a potential trend shift.
Accumulation Signals Dogecoins Next Big Move
Cryptokijker also placed his short-term breakout targets at $0.1840 and $0.1920, with the breakout point expected to start above $0.1790. He added that DOGE has been actively accumulated in the discount zone between $0.15 and $0.16, a move interpreted as smart money entering before a larger rally.
Strong volume patterns and structure breaks on the chart back up his view that Dogecoin is now transitioning from accumulation into a markup phase.
Support around the $0.1760 levelwhere earlier accumulation occurredhas held firm. Price stability above this zone and continued volume growth both point to a market preparing for expansion. At present, Dogecoin trades around $0.176, marking a 1.17% gain in the last 24 hours, according to CoinMarketCap.
Looking further ahead, analysts are watching for a potential test of the psychological barrier at $0.20. If the price secures a monthly close above this level, Ali Martinez says Dogecoin could begin climbing toward its all-time high. He emphasized that this would mark the return of strong bullish momentum and possibly ignite wider investor interest.
Analyst Predicts Dogecoin Could Hit $5
Adding to the outlook, analyst Crypto Patel posted on April 30 that DOGECOIN is setting up for its next BIG move. Sharing a three-week chart, Patel highlighted a long-term support level at $0.07, where Dogecoin has recently bounced. He pointed out a repeating historical pattern, with prior breakout waves in 2014 and 2021 following similar phases of consolidation.
Patels chart suggests a potential Wave 3 that could push Dogecoin as high as $32, aligning with the top line of a decade-old ascending channel. While this projection drew criticism from some traders who found it far-fetched, Patel clarified that his target includes a profit ride strategy and that a more realistic long-term level is closer to $5.
The overall picture shows rising strength in Dogecoins trend. A solid foundation from major investors, supported by technical signals and historical context, paints a scenario where further gains could be possible.
Read More | XRP May Plunge 30% to $1.55, Bull Flag Bottom Signals Ideal Entry Point
Read more: https://www.tronweekly.com/dogecoin-whale-accumulation-hints-at-breakout/
Text source: TronWeekly
