DOGE on fire: whales stacking big while eyeing $0.45

Amid the majority of assets in the cryptocurrency market still feeling the effects of a small burst of positivity, Dogecoin (DOGE) is approaching a make-or-break price level as large investors, or whales, continue to accumulate the meme coin in bulk.

Specifically, whales holding between 1 million and 10 million DOGE have purchased more than 158 million coins in recent days, worth roughly $44 million at current prices, according to the data highlighted by popular crypto market expert Ali Martinez in an X post on September 19.

As it happens, this surge in accumulation comes as Dogecoin trades just below a major resistance level at $0.29. Historically, this zone has acted as a ceiling, with DOGE struggling to break above it in March, July, and earlier this September.

Indeed, a clean breakout above this barrier could set the stage for a rapid rally, with Martinez outlining potential upside targets at $0.36 and even $0.45 if bullish momentum holds.

Technical setup points to breakout – or another rejection

Moreover, on-chain data supports this view, with whale buying pressure aligning closely with DOGE’s recent climb from $0.22 to $0.28 over the past two weeks. The buying activity suggests strong confidence among larger investors that the token could be gearing up for its next leg higher.

From a technical perspective, DOGE has been consolidating just beneath the resistance band. Repeated tests of the $0.29 threshold increase the chances of a breakout, provided trading volumes and market sentiment remain supportive. However, failure to overcome this level could trigger another rejection, potentially sending prices back toward support levels near $0.24 and $0.22.

Its current price stands at $0.2766, which suggests a decrease of 1.45% in the last 24 hours, an advance of 6.67% across the previous seven days, as well as an accumulated increase of 29.43% on its monthly chart, according to the most recent information.

For now, the $0.29 level stands as the key battleground for bulls and bears. A decisive breakout could turn the tide in favor of the former and open the door to much higher levels, while another rejection may test holders’ patience once again.