Amid the majority of assets in the cryptocurrency market still feeling the effects of a small burst of positivity, Dogecoin (DOGE) is approaching a make-or-break price level as large investors, or whales, continue to accumulate the meme coin in bulk.
Specifically, whales holding between 1 million and 10 million DOGE have purchased more than 158 million coins in recent days, worth roughly $44 million at current prices, according to the data highlighted by popular crypto market expert Ali Martinez in an X post on September 19.
As it happens, this surge in accumulation comes as Dogecoin trades just below a major resistance level at $0.29. Historically, this zone has acted as a ceiling, with DOGE struggling to break above it in March, July, and earlier this September.
Indeed, a clean breakout above this barrier could set the stage for a rapid rally, with Martinez outlining potential upside targets at $0.36 and even $0.45 if bullish momentum holds.
Technical setup points to breakout – or another rejection
Moreover, on-chain data supports this view, with whale buying pressure aligning closely with DOGE’s recent climb from $0.22 to $0.28 over the past two weeks. The buying activity suggests strong confidence among larger investors that the token could be gearing up for its next leg higher.
From a technical perspective, DOGE has been consolidating just beneath the resistance band. Repeated tests of the $0.29 threshold increase the chances of a breakout, provided trading volumes and market sentiment remain supportive. However, failure to overcome this level could trigger another rejection, potentially sending prices back toward support levels near $0.24 and $0.22.
Its current price stands at $0.2766, which suggests a decrease of 1.45% in the last 24 hours, an advance of 6.67% across the previous seven days, as well as an accumulated increase of 29.43% on its monthly chart, according to the most recent information.
For now, the $0.29 level stands as the key battleground for bulls and bears. A decisive breakout could turn the tide in favor of the former and open the door to much higher levels, while another rejection may test holders’ patience once again.
What do you think?
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