Dogecoin (DOGE) Whales Remain Bullish, Expecting a Strong Recovery Despite a 21.6% Decline Over the Past Seven Days

Despite a 21.6% decline over the past seven days, Dogecoin DOGE/USD whales and traders remain bullish, expecting a strong recovery.

Dogecoin (CRYPTO: DOGE) whales and traders are expecting a strong recovery, despite a 21.6% decline over the past seven days.

Crypto trader Master Kenobi compared DOGE's current price action to 2017, rather than 2021, suggesting a similar pattern is unfolding.

If this historical trend continues, we could see a major peak by April 2025.

Another trader, Tardigrade, echoed this sentiment, stating that DOGE has likely already hit a local bottom and could be on track for new all-time highs.

#Dogecoin's current Pullback copys the 2017 price structure 🔥

There's a strong potential that $DOGE has hit a local bottom and could soon reach new ATHs 🚀 pic.twitter.com/qebm6TBTXw

Dogecoin commenced trading in early 2017 with three zeros in its price and managed to erase one zero by June 2017, marking its first bull run.

Benzinga technical analysis indicates that the Relative Strength Index (RSI) stands at 19, implying that DOGE is oversold and could be primed for a near-term rebound.

The simple moving average (SMA) chart suggests DOGE is at a crossover point, hinting at a potential trend reversal.

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Crypto chart analyst Ali Martinez revealed that whales took advantage of Dogecoin's recent dip, accumulating 750 million DOGE, a move that signals strong confidence in the market.

Whales seized the opportunity during the recent dip, buying 750 million #Dogecoin $DOGE! This is a strong sign of confidence in the market! pic.twitter.com/LyjIuZCF15

Meanwhile, Coinglass data shows a 38% drop in Dogecoin's derivatives trading volume in a single day, while open interest fell by 2%.

In the past 24 hours, total DOGE liquidations reached $6.4 million, with $5 million in long liquidations.

Adding to the bullish case, Grayscale recently launched a new trust to offer institutional investors exposure to Dogecoin, highlighting its low-cost, high-speed transaction advantages.

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