Despite shedding over 7 percent last week, Dogecoin (DOGE) price has successfully rebounded from a crucial bullish breakout. The meme lord, with a fully diluted valuation of about $16.2 billion and a daily average traded volume of around $799 million, rallied over 2 percent in the past 24 hours to trade above a crucial support level of around $0.11 on Monday, during the early New York session.
The Dogecoin price rebound coincided with the Bitcoin price spike above $63k earlier today, as investors repositioned their portfolios to match the escalating geopolitical tensions.
Whale Investors Accumulates Dogecoin
According to on-chain data provided by IntoTheBlock, large Dogecoin holders purchased over 2 billion DOGE units, worth more than $220 million, in the past week. Interestingly, last week’s whale accumulation was the highest since January, suggesting rising interest from whale investors.
The Dogecoin network, which is secured by a proof-of-work (PoW) consensus mechanism, has attracted more crypto miners in the recent past, especially after the Ethereum network transitioned to Proof-of-Stake (PoS).
According to on-chain data, the Dogecoin network takes pride in more than 7.4 million non-zero addresses.
What Next for DOGE Price?
From a technical standpoint, Dogecoin price has been forming a similar fractal pattern to the previous macro bull runs. Having already retraced over 65 percent in the past seven months, Dogecoin’s price is well positioned to kickstart its next major bull run towards a new all-time high in the near term.
From a technical standpoint, the Dogecoin price successfully retested the bullish breakout from a daily falling logarithmic trend. Additionally, the meme lord rebounded from the 50-day Moving Average (MA), thus suggesting the bulls are gradually taking over.
However, the DOGE price in the weekly time frame must rally above the 50 and 200 MAs, which formed a death cross last year, to invalidate potential further retrace in the near term.
