Dogecoin Price Flashes Buy Signal Amid Whales, James Wynn’s DOGE Accumulation

Key Insights:

• Dogecoin price set to rally on buy signals by technical indicators, predicted analysts.
• Whale including James Wynn accumulating DOGE from the recent dip.
• Derivatives traders remained cautious due to options expiry and US PCE data this week.

Bullish sentiment on Dogecoin reappeared as whales started accumulating DOGE from the dip. Dogecoin price chart patterns and indicators suggest buying at current levels for a major parabolic move likely in the next few days.

Whales Accumulating DOGE Tokens Heavily

After the recent selloffs during the crypto market crash, whales are buying the dip as technical indicators painted a bullish picture.

A newly created wallet that withdrew 32.9 million DOGE from the dip scooped up another 20 million DOGE worth $4.43 million from crypto exchange Binance, as per Nansen data on August 27.

The whale’s total Dogecoin holdings expanded to 52.9 million DOGE, which is valued at $11.71 million.

Moreover, Hyperliquid high-leverage whale James Wynn went long on DOGE again. He made $23,117 in referral rewards gains over the past week. He also went long on Pepe Coin (PEPE) and Ethereum (ETH).

Recently, James Wynn lost $22,627 after his 10x long position on DOGE token got liquidated. He again faced a series of liquidations on his positions amid huge uncertainty and volatility in the crypto market, left with only $5,952.

Meanwhile, Grayscale, Bitwise, and 21Shares await approval of their spot Dogecoin ETF by the U.S. Securities and Exchange Commission. Grayscale filed an S-1 for Dogecoin ETF, signaling a potential approval in the coming months.

Bloomberg ETF analysts Eric Balchunas and James Seyffart set 90% odds of a Dogecoin ETF approval by the SEC. A final deadline for approving or denying the application is October 17.

Popular Analyst Predicts Massive Dogecoin Price Rally

Dogecoin price could witness a massive rally if it breaks above the $0.23 level, predicted analyst Ali Martinez.

Martinez shared a 4-hour chart, noting the odds of a breakout above the symmetrical triangle pattern. He expects Dogecoin price to surpass $0.30 after the breakout.

However, the $0.28 level remained a strong resistance before a rally to reach levels seen earlier this year.

On Tuesday, Ali Martinez also shared that a buy signal for DOGE appeared on the TD Sequential indicator on the 4-hour chart.

Moreover, analyst Trader Tardigrade sets $0.82 and $2.18 as the next targets based on cup-and-handle pattern in 2-month timeframe. While Crypto Tony shared $0.25 as the entry point for a price target of $0.34.

Dogecoin Price Pumps Over 4%

DOGE price jumped more than 4% in the past 24 hours, exchanging hands at $0.22 at the time of writing. The 24-hour low and high were $0.2095 and $0.223, respectively.

However, trading volume further dropped by 31% over the last 24 hours, indicating lower interest among traders and retail investors.

In the daily timeframe, the price is below the 50-SMA, but above 100-SMA and 200-SMA at the time of writing. Whereas, Relative Strength Index (RSI) rises to 49, signaling potential for an upside move.

Derivatives market data showed mixed sentiment, as per CoinGlass data. At the time of writing, the total DOGE futures open interest jumped nearly 1% to $3.31 billion in the last 24 hours.

However, the 4-hour DOGE futures OI on Binance, OKX and Bybit fell more than 0.60%, 1.40% and 1.60%, respectively. This signals cautious trading by traders ahead of the crypto options expiry and PCE inflation data release on Friday.