Dogecoin shows resilience amid heavy accumulation by large investors

Jakarta, Pintu News – In the past month, large Dogecoin (DOGE) investors have accumulated more than 1 billion DOGE, increasing their total holdings to 25.97 billion DOGE. The move demonstrates a strong belief in Dogecoin’s long-term potential amid ongoing market volatility.

This accumulation came as Dogecoin showed price resilience around the critical support level of $0.212 (around Rp3,495), despite experiencing price fluctuations of 4.3% in the past 24 hours. The high trading volume at this level indicates strong buying interest from the market.

Technical Analysis and Price Patterns

Technical analysis shows that Dogecoin is forming a “bull flag” pattern that could potentially signal a continuation of the uptrend. If this pattern is confirmed with continued buying pressure, the price of DOGE could target the $0.35 level.

Over the past 24 hours, DOGE showed significant volatility with a price range between $0.211 to $0.220 (Rp3,480-Rp3,630), forming a key support zone around $0.212 which was validated by high volume spikes at 13:00 and 22:00 local time. This price action reveals a bullish recovery pattern from the low point at 16:00, with resistance emerging in the range of $0.217-$0.220 (IDR3,580-Rp3,630).

Also Read: Bitcoin Approaches Golden Cross: Bullish Signal Amid US Debt Concerns

Market Sentiment and External Factors

Despite geopolitical tensions and trade policy changes affecting the cryptocurrency market in general, Dogecoin is showing resilience amid global economic uncertainty. Strong support above key moving averages and the formation of a bullish pattern provide positive indications for investors.

Retail futures trading activity is currently at neutral levels, indicating room for growth before the market gets too hot. This provides an opportunity for investors to enter before the next potential price spike.

Conclusion

Dogecoin is showing price resilience amid heavy accumulation by large investors and the formation of a promising bullish pattern. Although market volatility remains a factor to watch, technical indicators and current market sentiment provide a positive outlook for DOGE in the short to medium term.

Also Read: XRP Strengthens After V-Shaped Recovery, Next Price Target IDR56,000?

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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. Crypto trading activities are subject to 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:

• CoinDesk. Dogecoin (DOGE) Whales Accumulate 1 Billion DOGE Amid Critical Support Formation. Accessed May 19, 2025.
• Featured Image: Generated by AI