Dogecoin’s price has been attempting a steady recovery over the past few days, but the meme coin leader continues to face resistance near the $0.20 mark. 

Despite broader market uncertainty, recent whale accumulation suggests renewed confidence that could help DOGE ($0.19) reclaim lost ground and regain bullish momentum.

Dogecoin Whales Support Recovery

Large holders, often seen as key market movers, are playing a pivotal role in Dogecoin’s current phase. On-chain data shows that wallets holding between 100 million and 1 billion DOGE have accumulated 1.7 billion tokens this week — worth over $338 million. This accumulation reflects strong support for Dogecoin, even amid volatile market conditions.

Whales typically accumulate during periods of low volatility to position themselves for potential upside. Their activity signals growing optimism about the asset’s medium-term prospects.

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Dogecoin Whale Holdings. Source: Santiment

While whale buying remains strong, retail and new participants seem more hesitant. Data indicates that the number of new Dogecoin addresses has dropped by 17% in just three days, reflecting skepticism among smaller investors. This cooling interest could slow the inflow of fresh capital that the coin needs to sustain upward movement.

However, such market phases have historically preceded stronger rebounds for DOGE once accumulation strengthens and sentiment stabilizes. If new investors regain confidence, Dogecoin could experience increased liquidity.

Dogecoin New Addresses. Source: Glassnode

DOGE Price Needs To Secure Support

Dogecoin’s price is currently trading at $0.199, sitting just below the $0.209 resistance. Flipping this barrier into support will be essential for the meme coin to extend its recovery and maintain upward momentum.

If whale accumulation continues at the current pace, Dogecoin could breach $0.222 in the short term. This move would mark renewed strength and potentially attract more buying activity from retail investors.

DOGE Price Analysis. Source: TradingView

However, if whale buying slows or broader market sentiment weakens, DOGE may lose support. A dip below $0.185 could send the price further down to $0.175, invalidating the current bullish outlook and prolonging consolidation.

The post Dogecoin Nears $0.20 as Whales Add $338 Million: What’s Next? appeared first on BeInCrypto.