Whales Scoop Up 230M DOGE as Price Breaks Key Level — Next Stop $0.29?

Whales buy 230M DOGE, pushing price past key resistance.
Dogecoin holds strong above $0.20 support amid bullish momentum.
Breakout could send DOGE rallying toward $0.29 resistance zone.

The cryptocurrency market experienced a robust rally today, elevating its total market capitalization to $3.87 trillion, reflecting a 3.59 percent increase. While Bitcoin saw gains of just over 2 percent, altcoins demonstrated stronger performances. Ethereum surged by more than 7 percent, trading above $3,900, and XRP experienced a significant surge of nearly 13 percent following news of a lawsuit dismissal. Cardano, Solana, and Stellar also posted notable gains, with Stellar leading the pack at over 16 percent.

Dogecoin emerged as one of the top gainers, climbing over 8 percent and surpassing the resistance level at $0.218. Crypto analyst Ali Martinez reported that large holders accumulated over 230 million DOGE within the last 24 hours. This buying spree followed substantial activity on August 6, during which whales acquired more than 1 billion DOGE in a single day.

Martinez highlighted that Dogecoin is currently within a historically strong buy zone, which has previously triggered significant rallies in past market cycles. The meme coin has also maintained its position above the $0.165 to $0.202 range, a level considered crucial by traders for sustaining the bullish momentum.

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Source: Ali_Chart

Whale Buying Positions Dogecoin for a Potential Rally

The recent movement above $0.218 positions Dogecoin to challenge its next resistance between $0.209 and $0.22. This price zone has historically acted as both a support and resistance level, making it a fundamental indicator of market direction.

A decisive break above $0.22, accompanied by increased trading volume, could pave the way for a rise towards the $0.28 to $0.29 range. This would represent price levels unseen in months, potentially bolstering the optimism of bullish traders.

Source: Tradingview

Conversely, failure to maintain momentum could trigger renewed selling pressure below the $0.216 level. In such a scenario, Dogecoin might retreat towards the $0.16 mark, a critical defensive area for preserving the current positive trend.

The ongoing accumulation by whales is reinforcing Dogecoin's short-term prospects. Should the price continue to consolidate above its newly established resistance, the path towards $0.29 could become a realistic target in the near future.