Dogecoin (DOGE) Price Targets $0.66 as Whale Investors Accumulate, Climax Bottom Formation Nears Completion

Dogecoin's (DOGE) recent price movements have centered around a consolidation phase near the $0.33 mark. This critical level marks a juncture where technical indicators suggest a potential shift in momentum for the popular meme-based cryptocurrency.

Dogecoin (CRYPTO: DOGE) has been consolidating recently, with a critical level setting the stage for a potential shift in momentum for the meme-inspired cryptocurrency.

What Happened: As noted by crypto analyst Trader Tardigrade, Dogecoin’s current price structure appears to be forming a climax bottom, which could signal the final stage of a correction.

After a brief drop below the $0.27 level on December 20, 2024, Dogecoin quickly recovered, forming a support trendline at $0.315.

Now, the cryptocurrency is retesting this critical support level, which is also known as the ‘selling climax bottom.’

According to the analyst, a secondary test (ST) is forming at this level, which could confirm the climax bottom, especially if the cryptocurrency manages to hold support at $0.315.

This technical move could pave the way for a shift from a correction to a sustained recovery phase for Dogecoin.

Meanwhile, on-chain data is suggesting that a bullish momentum shift may be brewing, with whale investors increasing their Dogecoin holdings.

According to Santiment, major DOGE addresses have been accumulating, adding over 470 million tokens to their holdings in the last 48 hours.

These addresses, each holding between 10 million and 100 million DOGE, now collectively own 22.56 billion tokens — the highest level in over a month.

Trader Tardigrade expressed optimism regarding Dogecoin’s upcoming price action, suggesting that the cryptocurrency could rally to around $0.66.

This potential surge is anticipated if the cryptocurrency successfully bounces off the selling climax bottom, with the recent consolidation setting the stage for further gains.

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