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However, this correction may present a prime opportunity for investors to accumulate more coins, possibly for the last time at such bargain prices.
According to popular crypto analyst Ali Martinez, this buying spree has added fuel to the ongoing bullish momentum.
“Over 310 million Dogecoin DOGE have been swallowed up by whales in the past 48 hours, signaling major accumulation after a brief profit-taking dip, the analyst tweeted.
This accumulation, worth over $73 million, came primarily from whale wallets holding between 100 million to 1 billion DOGE. Notably, the spike began on July 17, bringing the whale-held supply to 25.42 billion DOGE. Historically, such accumulation after a dip has paved the way for rebound,s and this setup looks no different.
 
Meanwhile, analyst Trader Tardigrade suggests that DOGE is gearing up for another major move, having broken out of a multi-month wedge and pushed above the 146-day ascending channel.
“Dogecoin will have a second surge after this pullback,’’ he noted.
Earlier in the week, analyst Ali Martinez noted that Dogecoin is currently retesting the neckline of a double bottom pattern, a crucial support level that could signal an ideal entry point ahead of a potential upward breakout.
“This is a key support zone that could offer a solid entry point before the next leg up!!” he had stated.
Notably, the pattern began forming back in February when DOGE dipped below $0.25. Since then, it bounced between lows of $0.1290 and $0.1430, before reclaiming the neckline last week, with Ali now eyeing a potential 115% surge.
Moreover, on Friday, Ali emphasized his bullish view, saying, “If Dogecoin DOGE is truly forming a double bottom, this is the spot for a rebound. Reclaiming $0.26 as support could set the stage for a rally toward $0.46.”
Elsewhere, XForceGlobal reminded followers that Dogecoin is still a strong contender this cycle.
“Friendly reminder that DOGE can easily do a minimum 3-5x for the remainder of this cycle, and potentially much more if we follow the second path.” The analyst noted. He added that while all altcoins may rise, it’s about spotting the best opportunity and, in his view, “DOGE is a very resilient legacy coin.”
At the time of writing, DOGE was trading at $0.2357, with a 0.15% drop in the past 24 hours.
Source: https://zycrypto.com/dogecoin-breaks-out-of-146-day-channel-as-whales-scoop-up-310-million-doge-in-48-hours/