Whale Buys 470 Million Dogecoin Within 48 Hours as Price Tests Key Support Level

Dogecoin has faced a challenging period amidst recent market sell-off, experiencing a sharp 20% decline from its local high. Despite this drop, the leading meme coin still maintains an upward price structure, holding above the key support level. Prominent cryptocurrency analyst Ali Martinez recently shared intriguing data on the blockchain, revealing that whales have been actively accumulating DOGE during this downturn. In just the past 48 hours, over 470 million DOGE tokens have been bought back by large holders, demonstrating confidence in the potential recovery and long-term value of the asset. This significant accumulation highlights the strong interest of institutions and whales, even amidst the uncertainty in the broader market. The current recovery potential of Dogecoin reflects its ability to attract investor attention, especially during volatile periods. With the market searching for direction, the ability to maintain the price increase structure of DOGE could pave the way for significant recovery. Dogecoin is preparing for a major move Dogecoin is showing signs of recovery as it holds above $0.33, despite a significant drop from its recent local high. This level has become a key demand zone for the meme currency, serving as a platform for recovery and upward momentum. Market analysts and investors are closely monitoring the price movements of DOGE, predicting that its upward trend will continue, as expectations for a strong price increase this year grow. Martinez recently highlighted compelling data on the X chain, revealing that whales have accumulated over 470 million DOGE in the past 48 hours. The increased whale activity in this stable price phase underscores the growing confidence of large holders in the long-term prospects of Dogecoin.

According to tradition, such accumulation is often a precursor to significant price fluctuations, as investors organize and position themselves for the next big move with high net worth assets. Whale activity has added a layer of optimism to Dogecoin, even as the broader market experiences volatility. With smart money actively accumulating, DOGE appears to be in a strategic accumulation phase, laying the groundwork for potential breakout. If this trend continues, Dogecoin could attract new retail interest and reclaim higher levels, further solidifying its position as one of the most-watched assets in the cryptocurrency space. Price analysis: Main supply level Dogecoin is trading at $0.33, indicating a potential recovery as it holds above the key support level of $0.31 despite recent market volatility. This support zone has provided a solid foundation, but the price continues to face significant resistance on the path to recovery. Each day DOGE remains below $0.40 increases the risk of a deeper correction, putting pressure on buyers to reclaim higher levels to maintain the upward price structure.

To regain Dogecoin's upward momentum and build trust for investors, the price must surpass the $0.40 threshold and hold at the support level. This level is a crucial psychological and technical barrier, and reclaiming it will signal strength, encouraging further buying pressure. Surpassing the $0.40 threshold, the $0.43 threshold will become the next important target. A breakthrough above this threshold will pave the way for Dogecoin to enter a price discovery mode, potentially reaching new highs. Failure to overcome these resistance levels in the near future could lead to prolonged consolidation or retesting of lower support areas. However, with recent whale activity and strong demand at current levels, Dogecoin has the potential to reverse the downtrend and continue its upward trajectory. The coming days will be crucial as the market monitors a decisive move. DYOR! #Write2Earn #Write&Earn $BTC {spot}(BTCUSDT)