Over the past week, Dogecoin (DOGE) showed strong buying pressure, rising as much as 27%. However, looking at the 1-day chart, we see possible resistance, indicating that a rebound could lead to a short-term reversal

DOGE Technical analysis：

The price of Dogecoin is now $0.19450, which is 2.19% below the daily high of $0.20435.

Although the weekly chart shows an upward trend, the daily chart shows that DOGE could be bearish if the price retreats from the upper Bollinger band of $0.19082.

This means that the continued bullish momentum may be waning, and traders may end in profit at this price level.

simple moving average 20 (SMA) is $0.15595. If the pullback continues, this is a great oneSupport level, can block DOGE

Any pullback in this SMA will not be considered a bearish signal, but rather a correction to the current bullish trend. However, to maintain a short-term bullish outlook, DOGE must stay above this 20-day SMA.

At the same time, on the daily chartRelative strength index (RSI) is currently 71.83. That's over the 70 overbought region.

An RSI above 70 usually indicates an overbought level, so there may be a short-term bearish reversal in the price as traders close their profits. If the RSI falls below 70, this will further confirm the decline in bullish pressure and may indicate a pullback phase.

For long-term bullish momentum, the RSI should consolidate near the 60-70 level rather than stay in the overbought region.

Dogecoin whales frantically acquire 3 BillionDoges within 24 hours

According to IntoTheBlock's on-chain data, the total amount of Dogecoin (DOGE) flowing into the wallets of large investors (investors holding at least 0.1% of circulating supply) over the past 24 hours is 2.96 billion DOGE. In comparison, this amount was only 0.56383 billion DOGE in the previous 24 hours. That's an increase of 425.65%, or 2.396 billion DOGE, in just one day. But those 24 hours were extraordinary, as the price of the mainstream meme cryptocurrency peaked yesterday by 29.69%.

Interestingly, outflows from the same wallet have also increased, totaling 2.15 billion DOGE outflows throughout the day. However, the previous day's outflows were 1.42 billion DOGE, meaning outflows increased by 51.4%, or 0.73 billion DOGE.

This also means that although outflows have increased and are higher than the day before, the amount of Dogecoin flowing into the wallets of large holders is still much higher, and the boom is stronger.

As a result, the net flow reached 0.81,145 BillionDoge, in stark contrast to the previous day's -0.85614 BillionDoge.

Despite increased selling pressure, this wave of increasing holdings reflects people's continued interest in Dogecoin. In just one day, whale wallets increased by 2.96 billion Dogecoins. This indicates that Dogecoin whales are showing a net increase in their holdings, which means there is full confidence in Dogecoin's short-term performance. The sharp increase in whale activity has made Dogecoin the first choice for large holders in the cryptocurrency sector in the current market environment.

The price of Dogecoin has declined, where can it rise in the future?

At a time when people were optimistic that the price of Dogecoin would rise to $1, Dogecoin rushed back and fluctuated as market conditions and sentiment changed rapidly. To rise to $10, Dogecoin must continue its significant upward momentum, thanks to optimistic market sentiment and certain bullish factors.

Some bullish factors are driving Dogecoin's price up. In addition to strong community support and a growing number of wallet addresses, Dogecoin prices have been rising steadily due to the impact of Musk and his Department of Government Efficiency (DOGE) proposals.

As Musk's DOGE is about to receive Trump's support, this influence could push the price of Dogecoin above $1, or further reach between $42 and $23.

Furthermore, technical indicators and the increase in whales' holdings also contributed to Dogecoin's subsequent rise. Despite facing a pullback, it is expected to maintain a good bullish outlook in the short term!