Dogecoin whales are buying like crazy! Is the market recovery bringing a new bull market?

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In the past 48 hours, Dogecoin (DOGE) whales have been active, purchasing over 90 million tokens, showing strong market interest in DOGE. Meanwhile, Bitcoin has broken through $96,500, driving the overall market rebound, and the market capitalization of meme coins has also increased, with Dogecoin's price potentially rising back to $0.32.

Clear signals for Dogecoin price rebound

After a pullback, Dogecoin is currently stabilizing around $0.30, forming a sideways consolidation. Signs of price rebound are evident, having broken the 20-EMA line, with a recent increase of 2.94%. Technical indicators show that the emergence of a bullish engulfing candle may signal an impending rebound. The RSI line is close to 50, indicating increased buying pressure in the market, which could push the price further up.

Increased whale purchases support price rise

In the past two days, whales have purchased a significant amount of Dogecoin, increasing their holdings to 22.13 billion DOGE. This buying spree provides strong support for Dogecoin. The TD Sequential indicator has also issued a buy signal, increasing the likelihood of a Dogecoin rebound.

Future price target: Challenge $0.425

As the rebound momentum strengthens, Dogecoin's short-term target may be $0.3438. If whales continue to support, DOGE is expected to break through the important resistance level of $0.425. Conversely, $0.30 remains a key support level, and a drop below it could lead to further adjustments.

In summary, with whale support and market recovery, Dogecoin is likely to welcome a new bull market, and investors should pay attention to price movements in the short term.

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