Dogecoin (DOGE) has seen a 2% drop today, slipping to $0.119 as the broader cryptocurrency market faces a 1% loss over the past 24 hours. Despite this, DOGE holds onto a 12% gain over the past week and a 22% increase in the last two weeks, though it’s down 5% for the month.

Recent data reveals that whales are accumulating DOGE again, indicating a possible strong resurgence soon. The RSI has jumped from under 30 to over 45, suggesting a return of buying interest. DOGE’s support and resistance levels are forming a pennant, which often predicts a significant move.

In the last 24 hours, whales have bought over 60 million DOGE, implying that they anticipate a rally. With DOGE down 83.8% from its all-time high of $0.7316, there is substantial room for growth as the market recovers. Experts expect the Federal Reserve to introduce a rate cut in September, which could boost demand and optimism. The upcoming launch of Ethereum ETFs this month may also positively impact DOGE.

In the longer term, if cryptocurrency payments are introduced on X and involve DOGE, it could significantly boost the token. For now, DOGE may reach $0.15 in a month and $0.20 by Q4.

Source TradingView