Whales Buy 1B Dogecoin as $DOGE Reclaims 50 SMA, Eyes Mid-Term Rally

Key Insights:

• Whales accumulated more than 1 billion DOGE in the past 24 hours, Santiment data shows.
• Dogecoin reclaimed its 50 SMA on the 3-day chart, signaling mid-term bullish momentum.
• A breakout from an ascending wedge could target $1.4, analysts say.

Dogecoin witnessed a major accumulation surge as whales bought over one billion DOGE in the past 24 hours. This was confirmed by Santiment, which tracks wallet activity in real time across large holders. The buying activity added over 1 billion tokens to wallets holding 1 billion or more DOGE.

This accumulation coincides with Dogecoin reclaiming the 50-day simple moving average on the 3-day chart. Analyst Trader Tardigrade stated this technical move supports mid-term momentum, suggesting that price could push to new highs. The move is seen as a key confirmation of ongoing trend strength.

In parallel, DOGE’s price is forming a solid technical base, holding support despite broader market volatility. As per TradingView analysis, continuation patterns suggest that Dogecoin could extend gains from current levels. 

The bounce above $0.20 reflects growing investor confidence around established support zones. Derivatives data supports this view, with a $4.90 billion volume surge and a notable increase in long positions across Binance and OKX.

Despite a 2.44% drop in open interest and a 14.59% decline in options volume, options open interest rose by 11.39% to $131.1K. The long/short ratio remains bullish, with top traders holding significantly more long positions. 

Liquidation data shows shorts taking heavier losses, with $5.05M in long liquidations versus $2.78M in shorts over 24 hours.

Technical Charts Point to Higher Targets Ahead

On the weekly timeframe, Dogecoin is moving within an ascending broadening wedge pattern, as highlighted by Trader Tardigrade. The current setup suggests a potential upside move toward $1.40 if the pattern plays out. Historical movements within the wedge show a pattern of consistent 100%+ price swings.

In the short term, a one-hour chart by the Coincu team shows an inverse head and shoulders formation in development. The right shoulder is forming and the neckline sits near the $0.21 level. A breakout above that could accelerate bullish momentum in the near term.

Despite the bullish structure, DOGE was trading at $0.2008 as of writing, down 1.75% over 24 hours, according to CoinMarketCap. Market cap fell to $30.21 billion, with daily volume at $1.56 billion. While short-term pressure exists, structure and sentiment remain supportive of further upside potential.