Dogecoin price hovered above $0.15 on Wednesday, showing a modest 0.53% increase in the past 24 hours. Despite continued selling pressure, the broader crypto market displayed signs of stabilization. However, large investors appear to be regaining interest, with whales reportedly accumulating 27.4 billion DOGE.
This marginal recovery is after the low volatility and narrow contraction, which was earlier leaning towards a bearish order. This is an indicator of possible Dogecoin price recovery when the upward trend persists.
Other cryptocurrencies, including CRO, STRK, MYX, experienced large gains in the meantime. Conversely, the leading coins such as BTC, ETH, and SOL did not rise significantly but experienced short-term consolidation.
Dogecoin Sees Major Support as 27.4 Billion Tokens Amass at $0.08.
Recent on-chain records show that the number of Dogecoin accumulated at the $0.08 price has been approximately 27.4 billion. According to the Glassnode cost basis distribution heatmap, this, however, is the highest level of support of the token, reported by the market analyst Ali.
The heatmap indicates that there is a high density of wallets containing DOGE of between $0.079 and $0.082. A cluster like this represents a good support range, and investors are confident about this price range. Historically high accumulation levels are usually good platforms during price corrections or market sentiment changes.
Source: Glassnode, XDogecoin Exchange Supply Turns Positive, Hints at Potential Rebound
Recently, Dogecoin price on the cryptocurrency exchanges was prone to a net positive value. This is after a long spell of net outflows and is historically consistent with sharp recoveries in the marketplace.
The most recent data by Glassnode suggests that such a net change in the exchange net position has been followed by a large increase in the value of DOGE.
This, analysts note, could have been a positive sign, especially given the previous trends where such transitions have attracted renewed investor interest. The crypto market will be keen on the price momentum after this supply adjustment.
Can DOGE Price Hold $0.150 Support Zone This Week?
As of the reporting time, the DOGE price hovered at $0.158. The MACD recorded a minor bullish crossing where the momentum changed slowly to that of the buyers.
The histogram bars became positive and indicated initial strength. The RSI was almost in the mid-40 and indicated the neutral pressure.
If DOGE price maintains support above $0.150, the price may attempt another move toward $0.170 as the future Dogecoin outlook remains bullish.
Source: DOGE/USD 4-hour chart: TradingviewA confirmed breakout above that zone could open a path toward $0.185 and later toward $0.20. If support fails, the chart shows downside targets near $0.145 and $0.140.
Source: https://coingape.com/markets/dogecoin-price-eyes-recovery-above-0-20-as-whales-scoop-up-27-4-billion-doge/
