Key Insights:
- Dogecoin news is up again as whales bought 310 million DOGE, signaling renewed bullish confidence.
- The Golden Cross confirms upward momentum with strong technical validation.
- ETF speculation and Elliott Waves hint at a breakout to $0.3763.
Dogecoin news is surfing again amid massive whale presence and ETF speculation, which now drives renewed bullish momentum throughout the market. According to recent data, whales have used 24 hours to snap up massive amounts of DOGE with bullish signs on the daily scale.
Dogecoin News: Whales Accumulate 310 Million DOGE in One Day
Based on the information provided by crypto expert Ali Martinez, large holders accumulated 310 million DOGE in one day. The respective Santiment graph demonstrates a dramatic rise in the number of holdings with the wallets, with more than 1 billion DOGE, even though the price has stayed near the level of $0.22.
The trend of accumulation, which has gained momentum on July 28, is a telltale of increasing investor conviction among the deep-pocketed investors. It is traditionally considered a precondition to significant price adjustment.
Based on the Dogecoin news, it has then recovered from of a recent local bottom of 0.214. Besides, it is currently trading at about 0.22260 at press time.
Golden Cross on the Daily Chart: A Classic Bullish Signal
Technical analysts say Dogecoin price has flashed a golden cross as the 50-day moving average broke above the long-term standing 200-day moving average. This links to a long-term bullish positive dynamic in both the traditional and crypto markets.
Dogecoin price charts validate a double bottom. Moreover, a trader-recognized Elliott Wave, which is a five-wave pattern, is portrayed in the first image.
In this cycle, one can see a rough increase in the price by significantly jumping from $0.16 to a sprint into approximately $0.25. It could therefore correct the gain with a wave (2) retracing nearly to the $0.2122 or $0.22 support level.
Providing the projection is true, wave (3) has the potential to bring DOGE up to around the $0.45 mark and then corrections wave (4) before another surge on the 5th wave to around $0.50 or above.
There is historical precedent seen in the 260% rally in Q4 2024 under similar conditions to the Tesla chart, supporting the bullish case.
DOGE RSI on the daily timeframe is at about 51.89, showing that it is at a neutral position and can move up. The last major price surge coincides with the former peak in the RSI of about 70, which occurred during the rally in July.
We also see the tell-tale signs of growing activity in the volume bar (SMA 61.997M). It suggests that the price action is not the product of low-volume pumps but real buying interest.
Dogecoin News: Liquidation Hint at Trend Continuation
According to the liquidation chart provided by CoinGlass, there were more long liquidations when DOGE was trading higher than $0.25 in the middle of June, at peak, in July.
Nevertheless, long interest has not suffered due to the squeeze, as smaller positions are, as of yet, not being liquidated. Such a release of leveraged shorts accompanied by state stabilization is usually the sign of the absorption of sell pressure and makes room to start a fresh bull trend.
The present price movement of the DOGE coin is comparable to the yellow line in the CoinGlass chart. It has a sharp ascent on the dates of July 15-20, followed by a downtrend.
The Dogecoin price is currently finding stability at the $0.22 mark, which is turning out to be a vital support region.
To complement the technical and on-chain catalysts is the speculation concerning the possibility of a DOGE ETF. As analysts continue to predict that an ETF is 75% likely to be passed. This prediction relies upon the growing institutional appetite for meme coins and their retail popularity. So, traders are going into position early.
The bullish argument is getting a boost since DOGE can enjoy the same legitimacy and inflows that had been witnessed with recent Bitcoin and Ethereum ETFs. This ETF story is all in the market psychology, which has developed a feedback loop of bullishness, speculation, and positioning.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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