April 9th— the Dogecoin price bounced over 3%, reinforcing its sustainability above $0.15 support. The bullish uptick followed a slowdown in broader market correction as United States President Donald Trump seeks a trade agreement with China to end the escalating trade war.
In addition, the on-chain data highlights renewed accumulation from deep-pocket investors, bolstering the asset’s potential for bullish recovery.
Whale Accumulation Signals Confidence in Dogecoin Recovery
In April’s second week, the crypto market witnessed a bullish turnaround as Donald Trump eased reciprocal tariffs on 75+ countries and is now seeking a trade agreement with China.
This slowdown in trade tension boosted Bitcoin above $80,000 and bolstered the majority of altcoins to find stable support. The Dogecoin price displays the aforementioned thesis with a bullish bounce from $0.129 to $0.16, registering a 23% surge in the last four days.
According to a recent tweet from prominent trader Ali Martinez, the current recovery trend also attracted whale accumulation, reinforcing the ADA’s potential for further price rallies. Santiment data shows that whales have accumulated over 80 million DOGE in the past 24 hours.
Historically, such large-scale Dogecoin whale accumulation has often preceded significant price rallies.
Dogecoin Price Rebound with Double Bottom Pattern
The renewed recovery in Dogecoin price shows sustainability above the 78.6% Fibonacci retracement level. Theoretically, this level stands as a weak support, as sellers have already taken significant control of the current trend.
However, with support from broader market trends, this level may act as the last line of defense for buyers to counterattack. This potential reversal could result in the formation of a double-bottom reversal. This chart setup is commonly spotted at major market bottoms, displaying a W-shaped recovery before a major upswing.
A look at technical indicators shows the RSI slope forming fresh higher lows in the daily chart, indicating the increasing bullish momentum at the above-mentioned support.
If the theory holds, the Dogecoin price could rally 28% to challenge the $0.2 neckline resistance.
Also Read: SEC to Host 2nd Crypto Roundtable Amid New Disclosure Guidance
