Large holders of Dogecoin, often referred to as "whales," have engaged in a massive accumulation of over 90 million DOGE in just 48 hours. This activity takes place while the meme cryptocurrency trades around $0.31, during a critical consolidation phase.

Large accumulation captivates the cryptocurrency market

Famous cryptocurrency analyst Ali Martinez reveals that major Dogecoin addresses have made large purchases from December 27 to December 29, 2024. The accumulation of over 90 million DOGE represents a significant investment, reflecting newfound confidence from major investors in the future of cryptocurrency.

On-chain data shows that this accumulation aligns with a broader strategic buying trend among whales, who are taking advantage of the current consolidation phase to strengthen their positions. Historically, such accumulation behaviors often occur before significant price movements.

This intense whale activity occurs as Dogecoin struggles to break the resistance level of $0.35, indicating that major investors may be anticipating an upcoming bullish move.

Technical outlook needs to be closely monitored

The price of Dogecoin is currently in a sensitive technical condition, fluctuating around the important level of $0.31. This area represents a critical point for the future direction of the cryptocurrency.

To confirm the bullish scenario, DOGE will need to decisively break and maintain the level of $0.37. Such a breakout, supported by recent whale accumulation, could trigger a significant bullish move.

However, caution remains essential. A break below the support level of $0.30 could lead to a deeper correction towards the $0.20 level, a significant psychological level that has historically served as support.

The large accumulation of Dogecoin whales creates a strong signal for the market, but the current volatility in the cryptocurrency space requires caution. The coming days will be crucial to confirm whether this accumulation truly signals a new bullish cycle for the most popular meme cryptocurrency in the market.

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