- Whales accumulated 310M DOGE, signaling bullish divergence near $0.22 support zone.
- Golden Cross and Elliott Wave suggest breakout toward $0.30 and $0.3763 levels.
- Historical patterns imply DOGE could hit $1.42–$2.11 if parabolic rally resumes.
Dogecoin (DOGE) is drawing fresh attention after whales made a massive move, accumulating 310 million DOGE within 24 hours. This surge in large-holder interest occurred as DOGE slipped below key support near $0.235.
The sharp buying activity, likely visible in the rise in whale wallet balances on July 28, has sparked optimism among traders. While DOGE trades around $0.223, down 6.44% for the week, several analysts see strong technical and structural signals suggesting an incoming bullish shift.
Strategic Whale Buying May Set a Price Floor
According to analyst Ali Martinez, the recent whale activity suggests strategic accumulation during a price dip. Wallets holding over 1 billion DOGE grew their holdings significantly as the price fell from $0.252 to $0.22 between July 23–30. This timing aligns with a classic accumulation strategy near support levels.
Such accumulation is often viewed as a bullish divergence, especially when prices weaken but whale interest rises. This move could create a price floor in the $0.22–$0.225 range. If sustained, it may support a reversal or sideways stabilization before a potential breakout.
Technical Signals Point Toward Breakout Levels
Besides accumulation, technical patterns are aligning. Analyst Joe Swanson highlights a Golden Cross formation on DOGE’s daily chart a pattern where the 50-day moving average crosses above the 200-day. Historically, this has often preceded long-term price rallies.
Swanson also noted a confirmed double bottom around $0.14, followed by a strong rally forming Wave (1) in an Elliott Wave sequence. The recent dip marks Wave (2), setting the stage for Wave (3), traditionally the most powerful wave in such formations.
If volume increases, DOGE could test key resistances at $0.30 and $0.3763. With a 75% chance of a DOGE ETF approval, momentum could accelerate significantly.
Bull Run Scenarios Suggest Parabolic Upside
JAVON MARKS sees even greater potential based on historical breakouts. DOGE has previously formed repeating accumulation patterns that led to parabolic runs. The current pattern mirrors these, with ascending support suggesting a strong base.
If DOGE follows its historical trajectory, it could break the previous all-time high of $0.73905, a 226% move from current levels. Further targets include $1.42 and $2.11, translating to gains of over 530% and 830% respectively.
