Dogecoin (CRYPTO: DOGE) has slumped 17% over the past week, but whale accumulation has sparked optimism for a rebound.
Trader Notes: Crypto chart analyst Ali Martinez said Dogecoin must hold above $0.22 to trigger a potential rally toward $0.29.
Daan Crypto Trades explained that Dogecoin's price action is a good representation of the broader crypto market over the past few months.
Since the April lows, many coins, especially majors like Bitcoin and Ethereum, have trended higher, though progress has been slow and uneven.
Dogecoin has been climbing gradually, posting slightly higher highs and higher lows, which technically confirms an uptrend but lacks strong momentum.
Most other altcoins haven't matched this consistency, instead swinging up and down in two-week cycles without meaningful gains.
The slow, steady structure in DOGE could serve as a strong base for future growth, but the sustainability of this trend depends on avoiding lower lows, which would undermine the current setup.
Statistics: Martinez highlighted that whales purchased 2 billion DOGE, worth $480 million, in 48 hours raising curiosity if it indicates any speculation on potential market movements.
Coinglass data shows DOGE liquidations hit $14.87 million in the past 24 hours, with $11.6 million in long positions closed amid the sell-off.
Bitinfocharts data reveals retail growth: addresses holding 0–0.1 DOGE rose to 2.94 million (from 2.89 million), and 0.1–1 DOGE wallets climbed to 785,001, up from 781,310 last week.
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