Dogecoin (DOGE) has experienced selling pressure since a local high of $0.43 on January 18. However, it found strong support at $0.31, fueling optimism among investors. Notably, whales have accumulated 460 million DOGE, indicating confidence in its long-term potential and suggesting a possible upward move.
The consolidation phase might serve as a launching pad for a rally if Dogecoin breaks above key supply levels. Analysts recommend watching key levels closely, as holding the $0.30 support is crucial for potential trend reversal.
If DOGE surpasses the $0.41 resistance level, it could trigger a significant rally with potential multi-year highs. Observers are closely monitoring Dogecoin’s performance for signs of a bullish breakout.
