Dogecoin in Consolidation Phase, Whale Activity Reaches 120 Million DOGE Amid Uncertainty

Jakarta, Pintu News – Dogecoin (DOGE), one of the most famous meme-themed cryptocurrencies, has been facing market pressure in recent weeks. High volatility and global macroeconomic uncertainty are pressuring the prices of risky assets, including DOGE. Currently, Dogecoin’s price is moving in a tight range between $0.16 to $0.18 (approximately €2,608 to €2,934), creating a consolidation zone that is a tug-of-war between buyers and sellers.

Price Consolidation and Breakout Challenges

Since March 11, DOGE has been in a consolidation phase with no clear breakout. Under these circumstances, many investors are waiting for a market catalyst that could push the price out of the narrow zone. Technically, breaking the upper limit of $0.18 (IDR2,934) could signal a recovery, while a drop below $0.16 (IDR2,608) could aggravate the correction.

This consolidation comes amidst a complex global situation, ranging from aggressive monetary policies to trade tensions that have yet to subside. As a result, crypto traders are being more cautious, especially towards speculative assets like Dogecoin. This is reflected in the low volatility in recent days.

Read More: Solana (SOL) Price Movement Faces Important Barriers and Supports March 2025

High Whale Activity, Strong Signal of Rebound Potential?

Although the market appears sluggish, on-chain data shows positive signals. According to analyst Ali Martinez and analytics platform Santiment, whales – large holders of DOGE – have accumulated over 120 million DOGE in the past week. This accumulation is usually associated with potential price increases, as it shows confidence from large market participants.

Whales often utilize consolidation phases to accumulate assets at cheaper prices before a potential breakout occurs. With buying pressure from these big players, the opportunity for DOGE to break out of the $0.16-$0.18 (Rp2,608-Rp2,934) zone becomes more open, although it still depends on the overall dynamics of the crypto market.

Critical Level: Between Support Rp2,445 and Resistance Rp3,260

DOGE is currently trading around $0.16 (IDR2,608), with important support at $0.15 (IDR2,445) and subsequent resistance at $0.20 (IDR3,260). Breaking $0.20 is considered the key to recovery as it could trigger bullish sentiment and pave the way for a new rally. However, failure to hold the support of IDR2,445 could push DOGE down to lower demand zones, such as $0.13 (IDR2,119) or even $0.12 (IDR1,956).

The current position illustrates that the market is waiting for certainty. If buyers don’t take over soon, pressure from sellers could increase and push DOGE to lower levels. Conversely, if resistance is broken, DOGE could lead the recovery among other meme coins.

Low Volatility, but Market Pressure Still Lurks

In general, meme coins like Dogecoin are known for extreme volatility. In bearish market trends, assets like these are usually hit the hardest as they lack strong fundamentals compared to other large crypto projects. With investor sentiment still divided, DOGE’s future in the short term will be largely determined by macroeconomic conditions and the direction in which Bitcoin (BTC) moves.

In the next few days, the market will be watching to see if DOGE is able to break out of this stagnant zone. An upward breakthrough could revive investor enthusiasm, while a breakdown could extend the correction phase that has been in place since the beginning of the month.

Conclusion

Dogecoin is currently in a crucial phase. The price consolidation between IDR2,608 and IDR2,934 is the main arena for short-term trend direction. The accumulation activity by whales of 120 million DOGE in a week is an important signal that the potential for a rebound remains open. However, challenges remain amidst market uncertainty. Monitoring technical levels and global market conditions will be key for investors in making decisions on DOGE.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• NewsBTC. Whales Accumulate Over 120 Million Dogecoin In Past Week – Analyst. Accessed March 24, 2025.
• Featured Image: Generated by AI