Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has witnessed a monumental surge in investor interest and capital inflow, highlighted by an astonishing accumulation of 1,08 mil millones DOGE by large-scale investors, often referred to as “whales,” within a mere 48-hour period. This significant move underscores a growing bullish sentiment across the broader cryptocurrency market.
The substantial whale activity coincides with a remarkable performance from Bitcoin (BTC), which recently soared to an all-time high exceeding $123.000. Dogecoin has not been left behind in this market resurgence, experiencing a nearly 50% price increase throughout July. In the last 24 hours alone, DOGE recorded a 3,53% gain, reaching $0,247.
Driving this renewed investor confidence are several key factors. The recent passage of the “GENIUS Act” is widely regarded as a pro-crypto legislative catalyst, providing a favorable regulatory environment that has buoyed market sentiment. Furthermore, traditional finance players are also making their move; Bit Origin, a publicly traded company specializing in Bitcoin mining and investments, announced plans to raise $500 millones to acquire Dogecoin for its digital asset treasury, signaling mainstream validation for the meme coin.
DOGE’s Technical Outlook:
Dogecoin has shown robust upward momentum, gaining for five consecutive days since its July 15 low of $0,188, peaking at an intraday high of $0,257 in early Saturday trading. This recent rally marks a significant bullish breakout for DOGE, whose price had largely consolidated in prior months. With over a 48% increase in the past month, Dogecoin is demonstrating a strong recovery, though it still trades approximately 71% below its 2021 all-time high.
According to prominent crypto analyst Ali, having successfully overcome the $0,20 resistance barrier, Dogecoin’s next significant target is anticipated to be $0,36. Analysts are observing a classic “double bottom” pattern forming on DOGE’s daily chart—a historically reliable reversal indicator. This bullish formation has emerged after Dogecoin decisively broke out of a long-term descending channel, confirming a notable shift in market momentum. Traders are now closely watching for continued buying pressure, anticipating further upward trajectory.
Source: X@ali_charts
Broader Market Movements: SHIB Analysis
While Dogecoin commands attention, other altcoins are also experiencing varied market dynamics. Shiba Inu (SHIB) has seen a slight dip, trading down 0,43% over the last 24 hours at $0,00001478. On the hourly chart, SHIB is currently retreating after setting a local resistance at $0,00001534, with a potential short-term decline to $0,00001445. From a daily perspective, the current candle is within yesterday’s range, suggesting that buyers might require more time to consolidate energy. A sideways trading pattern between $0,000014 and $0,000015 is considered the more probable scenario in the immediate term. Longer-term, if the weekly candle closes with a long wick, a local correction towards $0,000014 could be on the horizon.
Dogecoin recent surge, driven by substantial whale accumulation and a supportive market environment, positions it as a key asset to watch in the evolving cryptocurrency landscape.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
