Dogecoin Holds Key Trendline as RSI Rebounds: “Accumulation at Current Levels” Signals Strength

Dogecoin is holding above a key ascending support trendline, with a rebounding Relative Strength Index (RSI) suggesting a potential continuation of its upward trajectory. Recent whale wallet activity indicates increasing confidence among large-scale holders, further bolstering the outlook.

At the time of writing, Dogecoin (DOGE) was trading at $0.2274, demonstrating renewed interest following earlier profit-taking.

Support Trendline Holds as RSI Indicates Strength

Analysis indicates that Dogecoin has maintained a consistent uptrend, supported by a rising trendline since early 2023. The price recently experienced a bounce near this trendline, and the RSI also formed a higher low, suggesting potential accumulation at current levels.

The RSI on the 4-hour chart remains above key oversold levels, and a rebound appears to be underway. Previous price actions near this trendline have often resulted in upward movement, aligning with current RSI readings. This developing scenario points to a potential continuation in price movement.

Dogecoin also recently formed a bullish MACD crossover. Similar past events have historically preceded significant gains. The current MACD position remains below the zero line, often signaling the early stages of momentum buildup.

Whale Activity and Institutional Moves Support Uptrend

Data indicates that wallets holding between 100 million and 10 billion DOGE have increased their balances. Over 310 million DOGE have been added since the recent pullback, demonstrating a growing accumulation trend by larger holders.

Furthermore, a substantial leveraged long position and significant futures interest reflect institutional support for DOGE. The DOGE price currently holds above the 12-period EMA, which traders view as a short-term support line.