Dogecoin is once again showing signs of life in the crypto market, with fresh whale accumulation and strengthening technical indicators suggesting a possible price breakout. Over the last 24 hours, Dogecoin whales have collectively acquired over 80 million DOGE, a move that has fueled renewed optimism among traders and analysts. This surge in buying comes as the popular cryptocurrency coin rebounds from its recent lows, currently trading at $0.1638 following a 4% daily gain. The scale and speed of accumulation from large holders appear to signal a shift in sentiment and potential early positioning for a price move toward the key resistance level at $0.20.

The latest price rebound followed a strong defense of Dogecoin’s demand zone between $0.14109 and $0.15200. From this area, DOGE has bounced back with a clear higher-low structure forming on the charts, often seen as a bullish foundation. As it edges closer to the $0.18 level, attention turns to the $0.20139 resistance, which acted as a turning point in previous rallies. If DOGE manages to break this barrier, analysts are eyeing a potential run toward $0.24388, a level that mirrors the mid-cycle high from late 2024. To maintain this bullish structure, Dogecoin will need to hold above $0.18, as any retreat below this level could open the door to renewed bearish pressure.

Derivatives data further supports the positive outlook. Funding rates across major exchanges remain in slightly positive territory, with Binance showing a rate of 0.009161%. This suggests that traders holding long positions are confident enough to pay a premium, yet not in a way that signals excessive leverage. The absence of extreme rates indicates a market that is optimistic but not overheated, reducing the likelihood of sudden forced liquidations that can disrupt momentum. This healthy trader positioning supports the idea of a gradual and sustainable price build-up rather than a sharp but unstable pump.

On-chain activity has also shown encouraging signs of revival. Dogecoin recorded over 68,000 active addresses and more than 40,000 transactions in the last 24 hours. While these numbers are still below the explosive peaks seen in late 2024, they represent a meaningful uptick in engagement. Growing network usage often points to returning speculative interest, and when paired with whale accumulation, it creates a solid narrative for future growth. Rising activity tends to attract more capital and speculation, both of which are essential for maintaining bullish momentum.

Adding another layer to the bullish outlook is the notable spike in Dogecoin’s Stock-to-Flow (S2F) ratio, which has now climbed to 128.94, its highest in months. This jump suggests that market participants are beginning to view DOGE as increasingly scarce, a sentiment that can boost long-term valuation expectations. Although S2F is typically more reliable with assets like Bitcoin, its movement here still reflects shifting market psychology.

Altogether, Dogecoin’s recent accumulation by whales, recovery from a key support zone, stable derivatives data, and reawakening user activity point to the possibility of a sustained upward move. While short-term volatility remains a concern in the broader market, the current conditions appear favorable for a push toward the $0.20 to $0.24 price range. Traders and investors will now be watching closely to see if bulls can maintain momentum and carry Dogecoin through the next major resistance level.