Whales Buy 1B Dogecoin as $DOGE Reclaims 50 SMA, Eyes Mid-Term Rally

Okay, here's a refined version of the article, focusing on clarity, flow, and removing potentially extraneous elements while retaining the original format and structure, and crucially, preserving the placeholders.

Key Insights:

• Whales accumulated over 1 billion DOGE in the past 24 hours, according to Santiment data.
• Dogecoin has reclaimed its 50 SMA on the 3-day chart, indicating potential mid-term bullish momentum.
• Analysts suggest a breakout from an ascending wedge could target $1.4.

Dogecoin has experienced a significant accumulation phase, with whales acquiring over one billion DOGE in the last 24 hours. Santiment data, which tracks real-time wallet activity among major holders, confirms this surge. The buying spree added over 1 billion tokens to wallets holding 1 billion or more DOGE.

This accumulation aligns with Dogecoin's successful recapture of the 50-day simple moving average on the 3-day chart. According to analyst Trader Tardigrade, this technical development supports mid-term bullish momentum, hinting at the possibility of new price highs. This is considered a crucial confirmation of the current trend's strength.

Dogecoin's price is establishing a solid technical foundation, maintaining support despite broader market volatility. Analysis suggests that continuation patterns indicate Dogecoin could extend its gains from the current levels.

The bounce above $0.20 demonstrates growing investor confidence around established support zones. This view is supported by derivatives data, including a $4.90 billion surge in volume and a noticeable increase in long positions across major exchanges.

Despite a 2.44% decrease in open interest and a 14.59% decline in options volume, options open interest increased by 11.39% to $131.1K. The long/short ratio remains bullish, with top traders holding considerably more long positions.

Liquidation data reveals heavier losses for short positions, with $5.05M in long liquidations compared to $2.78M in short liquidations over the past 24 hours.

Technical Charts Point to Higher Targets Ahead

On the weekly timeframe, Dogecoin is trading within an ascending broadening wedge pattern, as highlighted by Trader Tardigrade. The existing configuration suggests a potential upward movement toward $1.40 if the pattern materializes. Historical movements within the wedge have demonstrated a pattern of consistent 100%+ price swings.

In the short term, analysis indicates an inverse head and shoulders formation in development. The right shoulder is forming, and the neckline is positioned near the $0.21 level. A breakout above this level could accelerate bullish momentum in the near term.

Despite the bullish structure, DOGE was trading at $0.2008 as of writing, down 1.75% over 24 hours. Market capitalization stood at $30.21 billion, with a daily volume of $1.56 billion. While short-term pressure is present, the overall structure and sentiment remain supportive of further upside potential.