Key Highlights

* Dogecoin price dropped by 1.2% in the last 24 hours as the token traded at $0.1792.

* The token also saw a 7.1% increase in trading volume, signaling a rise in market activity.

* Meanwhile, whales have been stacking DOGE, with a massive 111% increase in their holdings over the past week.

Dogecoin price has dropped by 1.2% in the last 24 hours as the token traded at $0.1792 at the time of writing. The token also saw a 7.1% increase in trading volume, signaling a rise in market activity.

This slight downturn comes after a period of consolidation, which saw the token’s price move sideways within a specific range.

However, there is one group of investors who have been busy accumulating despite the lackluster price action.

Whales Accumulate As Libdogecoin Update Brings Changes

According to data from IntoTheBlock, the Standard deviation from price is less than 1%, which is an implication that the token’s price has been moving in a tight range.

Chart: IntoTheBlock

The data also shows that there was a 111% increase in the average holding of DOGE by whales in the last seven days.

Typically, whales buy before there are big price rallies, which could mean that Doge price is about to go on a run.

This accumulation follows the launch of Libdogecoin v0.1.4 on April 12. This update brings features like secure enclave integration, performance improvements, and YubiKey support.

The latest upgrades make blockchain interaction better, and overall, it seems like the development is getting smoother.

Investors might be preparing for a possible Dogecoin price surge.

Historically, April has been a good month for DOGE. In 2021, it soared by 546%, and in 2018, it went up 84.9%.

With whales accumulating and some analysts like Alan hyping up the possibility of DOGE reclaiming higher levels soon, it seems like the meme coin could be in for some gains.

Alan posted on April 27 that DOGE could be preparing to “drastically outperforrm Bitcoin” since the OBV mirrors 2021.

On April 29, another analyst, Peter DiCarlo, noted that smart money had already acquired DOGE. He added that institutions might now be preparing to buy.

The analyst presented a chart that showed potential institutional buying of DOGE. This activity could push its market cap to around $34 Billion before retail investors begin to buy.

Dogecoin Price Analysis: Is Breakout Next?

A breakout of the $0.15-$0.16 range could push Dogecoin price toward $0.25. However, a shift below $0.13 could put pressure on the token.

Analysts are closely watching the $0.128 support level, which could be tested if there's a bearish shift in the market.

On the other hand, a return to the support level after a breakout usually signals strength.

In the short term, the price trend is above the 50-day simple moving average, which is an indication that the asset is bullish. The 200-day SMA is still bearish and forms a resistance up ahead at $0.2625.

Dogecoin price is displaying a successful breakout and retest. Nonetheless, analysts are curious to see if this will result in a continuation or a return to the range.

If there are difficulties in breaking out and the broader market becomes bearish, it could exert pressure on Dogecoin price.

Dogecoin price is currently at a crossroads, and the next move will be crucial.

With the market's unpredictability, it's challenging to anticipate the next step. If momentum builds, it could lead to a rally, but if uncertainty persists, we might see more consolidation.