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- Dogecoin price may soon skyrocket amid ongoing rebound trend.
- DOGE whales and the Supertrend indicator are shaping sentiment.
Market analyst Crypto Surf recently revealed that the Dogecoin (DOGE) 3-month Supertrend indicator has turned bullish. This bullish movement coincides with a 1 billion DOGE accumulation from Dogecoin whale investors.
Dogecoin Supertrend Flips Bullish
The Supertrend indicator is a popular technical analysis tool that assists traders in identifying market trends and managing risk. It plots a line on a price chart, which acts as a dynamic level of support or resistance.
The line is computed by adjusting the crypto’s closing price with a value derived from multiplying the Average True Range (ATR). Prices above the line indicate an uptrend, while those below suggest a downturn.
Supertrend turned green on 3M chart. $DOGE pic.twitter.com/NULVh258LC
— Surf (@_CryptoSurf) January 2, 2025
The Supertrend indicator has been bearish since January 2022. The indicator remained bearish even though Dogecoin surged 87% in March, followed by a 161% uptick in November 2024. However, the indicator flipped positive at the start of January 2025, suggesting that Dogecoin is entering a bullish phase.
Notably, the Dogecoin supertrend last turned green on the 3-month chart in April 2017. This surge increased the price by 5,587% to $0.01877 in January 2018 and another 3,837% rise to $0.7390 in May 2021.
If this historic trend repeats for DOGE, the memecoin is potentially set for another meteoric rise. Following a recent breakout, market experts have predicted price targets such as $4 for DOGE. At press time, Dogecoin trades for $0.3398, up 2.65% in the last 24 hours and 5.8% in the past seven days.
Dogecoin Whales Make A Comeback
Another market analyst, Ali Martinez, has brought attention to a recent surge in Dogecoin whale activities. Martinez disclosed in an X post that whales holding between 10 million and 1 billion coins performed huge DOGE transactions on January 2. Per the details, the whales bought over 1.08 billion DOGE over 24 hours.
This latest action has pushed these whales’ cumulative balance to 46.36 billion tokens, representing 31% of the Dogecoin supply.
Recent data from the onchain analytical platform Santiment has confirmed that these whales sold off some of their holdings in early December 2024. At the time, Dogecoin encountered resistance of around $0.4844, which was subsequently corrected.
These Dogecoin whales, which held over 50 billion tokens, embarked on a selloff spree until December 27, 2024.
On their part, the market stayed passive until the new year, when they performed the latest accumulation. This constitutes DOGE Whales’ first purchase campaign since December and reflects renewed optimism among these high-profile investors.
Per a CNF report, Martinez earlier highlighted a previous purchase of 300 million DOGE by these same whales.
Overall, the Dogecoin whale comeback combined with the positive Supertrend indicator indicates a bullish outlook for the biggest memecoin. Market participants will closely watch to see what impact they would have on DOGE’s future price trajectory.
