Altcoins News
By Evie Vavasseur
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Dogecoin has once again captured attention in the crypto market after an impressive rally that saw the popular cryptocurrency coin surge by 46% in just three days.
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At the time of writing, Dogecoin is trading at $0.233 after a brief retracement from its recent high of $0.25.
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Whales Accumulate Millions as Price Breaks Out
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One of the key drivers behind Dogecoin's recent rally has been whale accumulation. On-chain analyst Ali Martinez reported that large holders accumulated over 600 million DOGE…
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The breakout itself saw Dogecoin climb beyond the upper boundary of a two-month-long trading range between $0.142 and $0.195.
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Technical Indicators Confirm Bullish Momentum
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On the daily chart, Dogecoin’s upward movement surpassed the 78.6% Fibonacci retracement level based on its November 2024 rally.
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The Chaikin Money Flow (CMF) indicator, which tracks the flow of capital into and out of an asset, was recorded at +0.18, indicating notable buying pressure.
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Looking at the two-hour chart, Fibonacci retracement levels from the recent rally highlight $0.214 and $0.204 as potential pullback zones.
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Short-Term Price Outlook: Consolidation or Breakout?
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The most likely scenario in the near future is a brief consolidation phase, followed by a continuation of the bullish trend. If DOGE remains above the $0.
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The $0.225 to $0.216 price region has emerged as a key liquidity cluster. This area aligns closely with technical support levels and could serve as a launchpad for the next…
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Liquidation Data Shows Support for Uptrend
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Additional insight from the liquidation heatmap shows how Dogecoin’s recent rally has been driven in part by the liquidation of short positions.
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The steady climb also allowed liquidity pockets to build just above price levels, which were later tapped as DOGE moved higher.
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