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- 10.5B DOGE accumulated around $0.21 forms critical whale support.
- A close above $0.23 could trigger a rally to $0.26–$0.30.
- MVRV, NVT, and Stock-to-Flow metrics show cautious optimism for bulls.
Dogecoin (DOGE) is showing signs of a potential recovery after recent turbulence, with over 10.5 billion coins accumulated around the $0.21 level. This whale-supported zone has emerged as a critical battleground, shaping the next phase of price action for the popular meme coin.
Whale Accumulation Creates Key Support
The $0.21 range represents the average cost basis for large holders, making it a major supply barrier. Historically, such heavy accumulation zones act as defense points for whales, who often step in to protect positions or realize profits. DOGE’s behavior around this level will determine whether the accumulation base evolves into renewed bullish control or becomes a resistance wall.
Price Rebound Signals Bullish Momentum
After dipping below its ascending channel, Dogecoin quickly found support between $0.175 and $0.18. The bounce has now brought DOGE close to the channel’s former lower boundary at $0.225–$0.23. A decisive close above this level would confirm a recovery continuation, potentially triggering a rally toward $0.26 and even $0.30.
Traders Position for Recovery
Derivatives data from Binance highlights that 71.75% of active accounts are holding long positions, reflecting dominant bullish sentiment. While such positioning can heighten short-term volatility near resistance, it also signals growing confidence in a DOGE rebound. If open interest rises alongside positive funding rates, the meme coin could see stronger follow-through buying.
On-chain indicators also hint at potential upside. Dogecoin’s MVRV Ratio sits at 0.63, indicating holders are modestly profitable, while the NVT Ratio has spiked to 93.4, pointing to increased transactional activity. Additionally, a rising Stock-to-Flow ratio of 110 suggests tightening supply and reduced sell-side pressure, further supporting a bullish outlook if DOGE can reclaim $0.23.
DOGE’s recovery depends on sustaining pressure above $0.21–$0.23 to re-enter its former bullish channel. Whale accumulation, supportive metrics, and supply tightening create a foundation for growth. However, reclaiming structural resistance remains the crucial step before a major move toward $0.26–$0.30.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin Weekly Triangle: Key $0.1973 Support and $0.218 Resistance to Watch
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
