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While digital assets are recovering following the latest Federal Reserve decision on interest rates, the original meme token Dogecoin dominated the charts with significant on-chain activity.
IntoTheBlock data shows the DOGE’s Large Holders Netflow saw a swift surge from -2.23 million coins to 20.66 million over the past 24 hours.
That means whales purchased over 20.66 million DOGE tokens in the last 24 hours, reflecting a staggering 926.46% uptick in large investor activity.
That accounted for the wallets holding over 0.1% of Dogecoin’s circulating supply.
Further details show 76.33 million DOGE entered whale addresses within the past 24 hours, with outflows at 55.67 million.
While both metrics soared in the past day, inflows still outshined outflows, suggesting investor trust in the asset’s performance.
Dogecoin poised for breakout
Amid the bullish outlook, renowned crypto expert Ali Martinez forecasts an imminent breakout for DOGE.
After evaluating Dogecoin’s actions over the past few weeks, he stated that the meme crypto attained one of the conditions essential for breakouts.
On 19 September, Ali revealed two developments to monitor as the token eyed a massive breakout: The Relative Strength Index breaching the downward trendline on the 24-hour chart and DOGE overcoming the resistance zone at $0.11.
Meanwhile, the token attained the first target as the RSI broke the declining trendline.
The indicator identifies oversold and overbought conditions. A break beyond the declining trendline suggests potential trend shifts.
Thus, Dogecoin buyers could dominate and set the stage for robust gains.
With the RSI signaling imminent surges, Ali added that DOGE should overcome the resistance at $0.11 to achieve the expected breakout.
The hurdle has hindered uptrends in recent weeks and remains solid due to the massive amount of tokens held at this mark.
The largest meme coin by market cap saw consistent gains after last Wednesday’s Fed rate cuts.
However, the five-day rally could not conquer $0.11, confirming its robustness.
A break above this zone would attract more bulls, triggering a swift upswing to new peaks.
Dogecoin will likely surpass the hurdle at $0.12 before heading to $0.14.
DOGE’s current price action
The dog-themed crypto trades at $0.1067 after jumping from the daily low of $0.1040. the 35% uptick in 24-hour trading volume highlights surged investor enthusiasm, positioning DOGE for more upswings.
Source – IntoTheBlockWhile the obstacle at $0.11 has hindered continued recoveries over the past few sessions, the massive whale accumulation underscores investor confidence in potential breakouts.
A surge past $0.11 would open the path to $0.14 – an over 30% upswing from Dogecoin’s current price.
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