Dogecoin (DOGE) breaks $0.088... Whales accumulating, aiming for $0.10 again?

Dogecoin breaks $0.088... ETF funds return, whales accumulate 120 million coins

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Dogecoin (DOGE) continues its recovery above $0.088 after rising approximately 6% last week. With institutional funds flowing back into Dogecoin spot ETFs and some whales accumulating 120 million coins, technical indicators are also improving, leading to analysis that further upside depends on breaking $0.093.

According to investment media FXStreet on September 21 (local time), Dogecoin is trading above $0.088 on Monday. SoSoValue data shows that US Dogecoin spot ETFs saw a net inflow of $284,510 last week. Compared to the stagnant fund flow in mid-September, institutional demand has started to reappear. However, as the inflow volume is not yet large, investors are maintaining a cautious stance, and whether net inflows expand this week was cited as key to sustained recovery.

Whale movements also supported the buying dominance. According to Santiment's supply distribution data, wallets holding 10 million to 100 million DOGE and wallets holding 100,000 to 1 million DOGE accumulated a total of 120 million coins since last Thursday. During the same period, wallets holding 1 million to 10 million DOGE sold 90 million coins. While some medium-sized holders showed selling, the accumulation by other large and small whale groups exceeded this, indicating an overall favorable trend for the price.

However, cautionary signals remain within the market. CryptoQuant data confirmed large whale orders in the Dogecoin futures market, but a selling dominance was also observed. With the spot market also showing signs of overheating and other indicators remaining at neutral levels, analysis suggests that meme coin investors' sentiment is still somewhat cautious and leaning bearish.

Technically, DOGE is trading above its 50-day and 100-day Exponential Moving Averages (EMAs) located around $0.082, but remains below the 200-day EMA near $0.093. The Relative Strength Index (RSI) recorded in the mid-50s, and the Moving Average Convergence Divergence (MACD) moved near the zero line, indicating a somewhat weakening upward momentum. The immediate resistance level is $0.088, and if it breaks past this, $0.093, and then $0.102, are suggested as key resistance zones.

Conversely, if it falls, $0.082, where the 50-day and 100-day EMAs converge, is the first support level. If even this level breaks, the possibility of a correction down to $0.070 could open up. FXStreet analyzed that Dogecoin spot ETF fund inflows, some whale accumulation, and improved momentum support a moderately bullish outlook, but sustained ETF inflows and a break above $0.093 are necessary to confirm a full-fledged uptrend.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*