Dogecoin (DOGE) drew fresh market attention after analyst Ali Martinez pointed to rising whale accumulation and stronger network activity during a tight trading range.
Summary
- Dogecoin whales bought more than $330 million in DOGE during a tight consolidation phase last week.
- Network activity spiked as nearly $800 million moved across Dogecoin in just 24 hours.
- Analysts are watching $0.1018 closely as Dogecoin tests resistance for a possible breakout confirmation.
The setup has fueled new discussion around a possible breakout as large holders increased exposure while price remained below a key resistance level.
The OG meme coin traded at $0.098 at the time of reporting. The token posted a 3% daily gain and a 5% weekly increase, while 24-hour trading volume reached $1.34 billion.
Dogecoin’s market capitalization stood near $15.06 billion based on a circulating supply of 150 billion tokens.
Ali Martinez said large holders bought more than $330 million worth of DOGE over the past week. The analyst linked that buying activity to the current consolidation phase, where price has moved in a narrow range without a clear breakout.
The analyst said this type of supply absorption can help build a stronger price floor. In his view, the buying trend suggests that bigger market participants are preparing for a possible move higher if resistance breaks.
Meanwhile, Dogecoin also recorded a sharp increase in transaction activity on April 16. Nearly $800 million moved across the network in 24 hours, marking one of the largest volume spikes seen this year.
Ali said that kind of jump in network activity often comes before stronger volatility. He wrote that major wallets may be repositioning, which could explain the rise in on-chain movement during a period of flat price action.
Resistance at $0.1018 remains the main level
On the four-hour chart, DOGE has traded inside a parallel channel. The analyst said the mid-range level at $0.1018 has acted as firm resistance and blocked five straight breakout attempts.
Ali Martinez said he is watching for a confirmed four-hour close above that level with stronger volume. He wrote that a breakout above $0.1018 could open the way for a move toward $0.1172, which marks the upper end of the channel.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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