Dogecoin Price Rises After Strong Rally
Dogecoin (DOGE) is trading higher on Tuesday after gaining over 5% the day before. On-chain data shows that holders are buying more DOGE. The technical outlook points to further gains, with $0.30 as the next key target.
Whales Increase Dogecoin Holdings
Santiment’s Supply Distribution data shows large holders, or whales, are accumulating Dogecoin. Whales holding between 100,000 and 1 million DOGE, and those with 10 million to 100 million tokens, have added 390 million DOGE since September 23. Meanwhile, wallets holding 1 million to 10 million DOGE have sold 10 million tokens. This suggests some whales sold during a recent dip, while bigger holders bought more at lower prices.
Technical Outlook: DOGE Eyes $0.30
Dogecoin found support near $0.22 on September 26 and then rose almost 20%, closing above $0.25 on Monday. On Tuesday, DOGE trades around $0.26. If the price keeps rising, it may reach the $0.30 level.
The Relative Strength Index (RSI) is at 59, showing growing bullish momentum. The Moving Average Convergence Divergence (MACD) also had a bullish crossover last week. Rising green bars on the MACD histogram support the chance of continued gains. However, if DOGE pulls back, it could drop to support at $0.25.
