- Whales buy 230M DOGE, pushing price past key resistance.
- Dogecoin holds strong above $0.20 support amid bullish momentum.
- Breakout could send DOGE rallying toward $0.29 resistance zone.
The cryptocurrency market posted a strong rally today, pushing its total market capitalization to $3.87 trillion after a 3.59 percent rise. Bitcoin advanced just over 2 percent, while altcoins delivered stronger performances.
Ethereum gained more than 7 percent to trade above $3,900, and XRP surged nearly 13 percent after news of a lawsuit dismissal. Cardano, Solana, and Stellar also recorded notable gains, with Stellar leading at over 16 percent.
Dogecoin was one of the biggest gainers, gaining over 8 percent and breaching the resistance at $0.218. According to Crypto analyst Ali Martinez, within the last 24 hours, large holders bought more than 230 million DOGE. This buying spree followed significant activity on August 6, when whales accumulated more than 1 billion DOGE within a single day.
Martinez pointed out that Dogecoin is now in the historically robust buy zone, which has initiated significant rallies in past market cycles. The meme coin has also been holding above the $0.165 to $0.202 levels, which traders consider important in keeping the bullish run going.
Also Read: Here’s Why XRP Price is up 11% All of a Sudden
Whale Buying Positions Dogecoin for a Potential Rally
The recent move above $0.218 has put Dogecoin in a position to challenge its next resistance between $0.209 and $0.22. This price zone has been both a support and a resistance zone, thus a fundamental level in determining the market direction.
A clear break above the $0.22 with a larger trading volume may open the way to a rise to the area of the $0.28 to $0.29. This would translate into price levels not experienced within months, which would strengthen the optimism of the bullish traders.
Source: Tradingview
The negative side is that failure may bring new selling interest below the $0.216 level. Under these circumstances, Dogecoin could revert to the $0.16 mark, which is one of the critical defensive areas to preserve the existing positive trend.
The continued whale accumulation is bolstering Dogecoin’s short-term prospects. If the price continues to build above its newly claimed resistance, the path toward $0.29 could become a realistic target in the coming sessions.
Also Read: XRP to $7 Path Revealed, Analyst Says the Real Bull Run Not Started Yet – See Chart
