Dogecoin Sees Largest Capital Inflow in 4 Months...Is Reclaiming $0.20 Within Reach?

▲ Dogecoin (DOGE)/AI Generated Image

Dogecoin (DOGE) has completed its technical preparations for a price rebound, bolstered by open interest reaching a four-month high and whales accumulating positions worth $14 million.

According to crypto media outlet Coingape on April 30 (local time), Dogecoin's open interest is nearing $980 million, reflecting strong buying intent from investors. CoinGlass data indicates that this figure is the highest in the last four months, proving that new capital inflow into the Dogecoin market is accelerating.

Large-scale capital movements by whale investors are underpinning this expectation of a surge. Approximately 102 million DOGE moved to anonymous wallets in the last 24 hours, an amount currently valued at about $14 million. This behavior by whales is acting as a key driver to block downward pressure and propel price increases.

Technical indicators suggest a potential bullish reversal for Dogecoin. The current chart shows a breakout above a downward trendline, completing a bull flag pattern, which is typically interpreted as a signal for further upward movement. The Relative Strength Index (RSI) has also crossed above the neutral level of 50, indicating that buying pressure has begun to dominate the market.

Market analysts believe that if Dogecoin breaks through the major resistance level formed at $0.15, it will continue its rally up to the $0.20 mark. With Bitcoin (BTC) price stability maintained, the concentrated capital power of whales in Dogecoin is absorbing selling pressure at the resistance zone. The possibility of forced liquidations for short positions anticipating a price correction is also being raised.

As a leading player in the memecoin market, Dogecoin has simultaneously secured strong community support and technical rebound indicators. The continuous accumulation by whales and the increase in open interest are raising the possibility of price recovery beyond short-term volatility. The sustained expansion of trading volume in the future is expected to be a key variable in determining Dogecoin's target price achievement.

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