Dogecoin (DOGE) Whales Have Been Accumulating Coins Worth $285M in the Past 72 Hours

The cryptocurrency market is abuzz with speculation as whale investors have begun accumulating Dogecoin (DOGE) in massive amounts over the last 72 hours.

Cryptocurrency investors are closely following Dogecoin’s (DOGE) price movements as it attempts to stabilize above a critical support level, which could set the stage for a significant rally to $2.74, according to long-term trend analysis.

Dogecoin Price Aims For Critical Support At $0.17

On-chain data analyst Ali, also known as @ali_charts, highlights a crucial support level for Dogecoin at $0.17. If DOGE manages to maintain support at this price point, it could set the stage for a substantial rally, potentially driving prices to $2.74, based on a Fibonacci extension from the 2015 low.

This projection aligns with Dogecoin’s historical movements within an ascending parallel channel since 2015, where it has respected key support and resistance levels. The lower boundary of this channel, currently around $0.17, has acted as strong support on multiple occasions.

A breakout above the upper boundary of the channel could herald a major bullish phase for Dogecoin, setting the stage for a potential surge to the Fibonacci extensions, which indicate a long-term price potential of over $2. However, a breakdown below the $0.17 support level could invalidate this bullish outlook, leading to further declines.

This analysis underscores the importance of traders closely monitoring whether Dogecoin can maintain this key price level in the coming days.

Dogecoin Faces 13.89% Drop As Bitcoin Remains Under Pressure

At the time of writing, Dogecoin is trading at $0.1663, reflecting a 13.89% decrease in the last 24 hours and a 25% drop over the past week. This downward movement coincides with a broader market correction, as the global cryptocurrency market has shed 4.49% of its total value in the past day.

Bitcoin (BTC), the market’s flagship cryptocurrency, has also experienced significant losses, currently trading at $82,900—well below its recent all-time high of $109,000 in January.

As Bitcoin dictates the broader market trend, its price action could influence Dogecoin’s next move. A further decline in Bitcoin could drag DOGE lower, while a Bitcoin rebound could propel Dogecoin higher.

Increased Interest In Meme Coins Could Support DOGE Price

More institutional investors are beginning to explore meme coins, given their growing cultural significance and widespread adoption. If major firms or investment funds start accumulating DOGE, it could lead to increased legitimacy and upward price momentum.

Dogecoin has a history of reacting strongly to social media trends and endorsements. A tweet from Elon Musk or another high-profile figure could spark renewed interest in the cryptocurrency, leading to a rapid surge in price.

The overall health of the cryptocurrency market will be a crucial factor in determining Dogecoin’s price movement. If Bitcoin stabilizes and begins another bullish run, it could create favorable conditions for DOGE to follow suit.

Dogecoin’s future price action could also be influenced by its increasing adoption as a payment method. Companies like Tesla have already started accepting DOGE for certain products, and wider adoption could enhance its real-world value, driving long-term price appreciation.