Dogecoin Tests $0.095 Support on Whale Buying Surge
Whale activity has injected institutional backing into Dogecoin, with over 1 billion DOGE worth around ₱15.13 billion ($250 million) accumulated in the past 48 hours. The accumulation comes as Bit Origin announced a ₱30.25 billion ($500 million) fund to establish a Dogecoin treasury.
Key Takeaway
Whale accumulation and bullish technicals support DOGE above $0.0920, but $0.10 remains the key breakout level.
Dogecoin pulled back to the $0.095 support zone after testing recent highs, holding above a key trend line at $0.0955. The correction crossed the 50% Fibonacci retracement level measured from a swing low of $0.0936, according to data from Kraken.
The hourly MACD is gaining bullish momentum while the RSI trades above 50, suggesting upside pressure remains intact. Price is holding above the 100-hour simple moving average with the trend line providing immediate support.
Dogecoin led large-cap cryptocurrencies with an 11% 24-hour gain while Bitcoin and Ethereum posted modest increases.
Immediate resistance sits at $0.098 with the major $0.10 level acting as the next barrier. A break above that zone could push DOGE toward $0.1120 and $0.1150, with bulls eyeing $0.120 as the next stop. The 61.8% Fib retracement near $0.0955 aligns with trend line support.
A break below the trend line would expose the $0.0920 support level. Failure to hold that floor could trigger a move toward $0.088 and potentially $0.085, where technical analyst Ali Charts identified a false breakout pattern on the 12-hour timeframe. Bit Origin announced a ₱30.25 billion ($500 million) fund to establish a Dogecoin treasury, adding institutional backing to the meme coin.
This article was written based on reporting from NewsBTC.
