Dogecoin Flashes Buy Signal as Whales Scoop 90 Million Coins

Dogecoin sees a buy signal on the TD Sequential indicator amid a massive accumulation trend from whale addresses.

Over the past two weeks, the prices of crypto assets, including the leading doggy-themed meme coin Dogecoin (DOGE), have been largely subdued amid broad macroeconomic uncertainty. Still, DOGE may now be flashing signs of an imminent rebound amid significant market activity from large investors called whales.

Dogecoin (DOGE) TD Sequential Points to Rebound

Prominent crypto analyst Ali Martinez has told investors to anticipate a rebound in DOGE’s price after the meme coin’s most recent 10% post-Christmas dip from highs of $0.34221 to lows of $0.30837.

The analyst disclosed this in an X post on Friday, December 27, highlighting that the TD Sequential on the meme coin’s 4-hour candle chart had flashed a buy signal.

The TD Sequential is an indicator trader use to time price reversals. It works by measuring the previous candle closes.

The recent DOGE buy signal follows significant whale activity over the past 48 hours. On Friday, Martinez shared Santiment Feed data revealing that this class of investors holding between 10,000,000 DOGE and 100,000,000 DOGE had accumulated over 90 million coins worth over $28.6 million at current prices amid the market correction.

Moves by this class of investors typically preempt a big market push. To be sure, DOGE is already trading 3.1% above its Boxing Day lows at $0.31794 at the time of writing.

Analysts like Martinez have maintained that the meme coin remains bullish despite recent market uncertainty, with price targets far above its all-time high of $0.74. Martinez, for one, has set an ambitious $18 price target for DOGE if it replicates its price action in previous bull cycles.