The cryptocurrency market's recent volatility hasn't deterred Dogecoin whales, who are capitalizing on the price dip to amass significant DOGE holdings. Crypto analyst Lumen highlights this accumulation trend, potentially signaling a bullish future for the meme coin.

Dogecoin Whales Target $0.50

Lumen reports that Dogecoin whales have accumulated 1.7 billion DOGE (approximately $298 million) within 72 hours. This surge in buying activity coincides with a considerable price drop, seeing DOGE fall nearly 20% in a week, from $0.22 to $0.16. Analysts suggest this could foreshadow bullish sentiment, particularly if a Dogecoin ETF is approved.

Lumen speculates that if DOGE reclaims the $0.20 level before any ETF approval, the increased market liquidity could drive the price towards $0.50. Furthermore, Elon Musk's known support for Dogecoin could again influence market sentiment with positive comments.

Dogecoin ETF Delayed, Yet Optimism Persists

The U.S. Securities and Exchange Commission (SEC) recently postponed its decision on Grayscale's Dogecoin ETF application, suggesting immediate approval is unlikely. However, crypto analyst Ali Martinez remains optimistic, citing investor sentiment as reaching its most negative point in over a year. Historically, such extreme market fear often precedes significant price reversals, presenting a potential opportunity for contrarian investors. .50? = The Bit Journal" width="728" height="90" title="Dogecoin Whales Accumulate Amid Market Dip: A Rally to .50? 8" srcset="/uploads/20250314/174189602667d3395a25dd8.png 728w, https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/Qubetics-is-728x90-1-3-300x37.jpg 300w" sizes="(max-width: 728px) 100vw, 728px">

Technical Analysis: Key Levels to Watch

Crypto analyst Kevin Capital analyzes DOGE's current price action, noting its retest of the 0.5 Fibonacci level and key macro trend indicators like the 200-week Simple Moving Average (SMA) and Exponential Moving Average (EMA). DOGE's 3-day Relative Strength Index (RSI) is also at historically low levels, suggesting a potential reversal if Bitcoin stabilizes and macroeconomic conditions improve.

Analyst Trader Tardigrade offers a similarly bullish perspective. He observes a 5-wave Expanding Wedge pattern forming in DOGE, anticipating a breakout on the 4-hour chart. Confirmed bullish RSI divergence further strengthens his belief in an imminent reversal, potentially leading to a strong rally.

Final Thoughts

Despite uncertainty in the broader crypto market, continued accumulation by Dogecoin whales and positive technical indicators hint at a potential upward trend. Investors should closely monitor Bitcoin's price, macroeconomic factors, and regulatory developments, including ETF approvals. The Bit Journal will continue tracking these trends, providing updates on any confirmed sustained bullish breakout.