Memecoin News: Dogecoin Price Targets Recovery Above $0.20 as Whales Buy Big

Dogecoin eyes recovery above $0.20 as whales accumulate 27.4 billion DOGE, signaling strong support and potential for price surge.

Dogecoin’s price is showing signs of a potential recovery, largely driven by significant whale activity.

Over 27.4 billion DOGE have been accumulated recently, mainly around the $0.08 level. This large buying trend has led to a shift in market sentiment, suggesting a possible rise toward the $0.20 price target.

Whales Fuel Dogecoin’s Recovery with Large Purchases

Whales have been actively purchasing large amounts of Dogecoin, with reports showing 27.4 billion DOGE bought at around $0.08.

This accumulation at low prices is seen as a sign of confidence, especially in times of market uncertainty. As a result, many analysts believe this strong support range could help push Dogecoin’s price higher in the future.

Additionally, this whale activity provides stability in the market. The large number of DOGE held by these investors may also limit price drops, creating a solid floor for the cryptocurrency. If this buying trend continues, it could pave the way for an upward move in Dogecoin’s price.

Exchange Supply Flip Could Signal a Price Rebound

Dogecoin’s recent shift in exchange supply may be another sign of a potential price recovery.

For a long time, Dogecoin experienced net outflows from exchanges. However, recent data suggests that net inflows have started to take over, a shift that often precedes price increases.

This change in the net exchange position could indicate renewed buying interest in Dogecoin. In the past, similar transitions have resulted in price rallies. If this trend continues, it might signal that Dogecoin is gearing up for a recovery

The shift in exchange supply may also suggest that investors are starting to take positions for longer-term gains.

As more DOGE moves onto exchanges, it could increase the chances of higher price momentum. Therefore, this positive flip in supply dynamics could lead to a price surge in the near future.

Related Reading: Grayscale Set to Debut Historic Dogecoin ETF Next Week

Dogecoin’s Price Faces Key Support at $0.150

Currently, Dogecoin is trading around $0.158, showing some initial signs of bullish movement. The MACD has also indicated a minor bullish crossover, suggesting a potential shift toward buying. The RSI is at a neutral level, showing no clear pressure from either buyers or sellers.

Dogecoin price shows consolidation near $0.15 with potential recovery signals | Source- TradingViewIf Dogecoin manages to hold the support at $0.150, it could continue its upward movement toward $0.170. A breakout above this level could open the path to the $0.185 to $0.20 range. However, if the support fails to hold, the price may face a retracement toward lower levels like $0.145 or $0.140.

In summary, Dogecoin’s recovery depends on its ability to hold key support levels. Continued whale activity and positive market data provide a solid foundation for a potential price surge.