DOGE Price Skyrockets as 90 Million Dogecoin Traded in 48 Hours

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Dogecoin (DOGE) Surges with 90 Million in Whale Accumulation

Over the past 48 hours, Dogecoin (DOGE) has witnessed a surge in activity with a notable accumulation of 90 million DOGE. Cryptocurrency analyst Ali reports that whales have acquired this significant amount. This influx of investment coincides with DOGE's price rebound following a period of decline.

Market Sentiment Impacts Dogecoin

While Bitcoin saw a glimmer of hope towards the end of 2024, the rally did not sustain, impacting altcoins like DOGE.

Economic Indicators and Federal Reserve

Recent jobless claims data and continuing claims indicate a potential hawkish stance by the Federal Reserve in 2025. This cautious approach influences the markets, including cryptocurrencies.

Dogecoin's Current Price Action

Dogecoin oscillates within a tight range, potentially facing a December decline, its first since September. After reaching a high of $0.484 on December 8th, DOGE encountered resistance and fell to $0.261 on December 20th before stabilizing.

Technical Analysis: Bulls and Bears

Following a three-day decline, DOGE rebounded from its lows of $0.308 on December 27th. However, intraday highs of $0.317 indicate resistance, suggesting that bears are selling at any upward movement.

Support levels near $0.30 exist, but a break below could lead to a drop to $0.27. Buyers may defend the $0.27-$0.23 range.

Bulls need to push and hold DOGE above moving averages to reverse the downtrend. A break above the daily SMA 50 at $0.38 could signal a correction end and potentially push DOGE to $0.43.