Dogecoin, Can It Not Break $0.10 Even With Whale Accumulation?

▲ Dogecoin (DOGE)/ChatGPT generated image ©

Dogecoin, the 'king of memes' rather than Dogwifhat, is sending rebound signals, but its upward momentum is being tested as it gets caught at a key resistance level.

According to the investment media FXStreet on April 24 (local time), Dogecoin (DOGE) has continued its upward trend for three consecutive days above approximately $0.095, attempting to break the psychological resistance level of $0.10.

Currently, both whale and retail investor flows are being simultaneously observed in the market. According to Santiment data, the number of whale wallets holding 1 million to 100 million DOGE has increased from 4,872 to 4,920. A 'divergence phenomenon' is appearing where the price is consolidating, but the number of whales is increasing, which is interpreted as a signal that large investors are engaging in low-price accumulation.

Demand is also confirmed in the derivatives market. According to Coinglass data, DOGE futures open interest has increased by approximately 3% over 24 hours, reaching around $1.37 billion. The funding rate is 0.0051%, a structure reflecting bullish expectations as long position investors pay a premium.

Technically, $0.10 is a watershed moment. DOGE rebounded with support at its 50-day Exponential Moving Average (EMA) of $0.0958, but a downtrend line connecting the highs of January 6 and April 17 is still pressing down on the upper limit, restricting further gains. A breakthrough of this range could open up further upside potential to $0.116, and then to the 200-day EMA at $0.128.

However, downside risks also exist. If the 50-day EMA at $0.095 breaks down, the upward trend will weaken, raising the possibility of retesting the support levels at $0.087 and $0.080. The Moving Average Convergence Divergence (MACD) still indicates a buying advantage, and the Relative Strength Index (RSI) is at 56, maintaining a moderate upward momentum without overheating.

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