On Friday, July 18, the crypto market witnessed heightened volatility, recording a notable growth in the Asian market hours, followed by a sharp pullback in the U.S. market hours. The dog-themed meme cryptocurrency Dogecoin displays this movement with a sharp reversal from an intraday high of $0.254 to the current trading price of $0.23. While a sudden sell-off may create concern for retail investors, the crypto whales continue to show their confidence in DOGE’s future potential.
Doge Rally Fueled by U.S. Crypto Bills and Billion-Token Whale Buys
Over the past three weeks, the Dogecoin price has showcased a strong bullish uptrend, rising from $0.14 to $0.25, representing a 78% growth. A primary catalyst behind this rally was investors’ optimism towards ‘CryptoWeek,’ which saw the U.S. House of Representatives pass three crypto-related bills: the Clarity Act, the Genius Act, and the Anti-CBDC Act.
Another factor contributing to the bullish trajectory in DOGE is a strong accumulation trend from crypto whales. According to market analyst Ali Martinez, the high-net-worth investors have recently bought 1.08 billion DOGE in the last 48 hours.
Despite the intraday sell-off in this memecoin, the active accumulation from investors signals their confidence in a prolonged price recovery.
DOGE Price Stands at Pivot Level
The daily chart analysis of Dogecoin price shows that the recent price rejection occurred at the resistance trendline of a symmetrical triangle pattern. Since mid-February 2025, the coin price has been resonating between the two converging trendlines, which acted as a dynamic resistance and support for DOGE.
The historical data shows the previous bearish reversal within the pattern led to a correction trend from 45% to 50%. Thus, if the current reversal gained sufficient momentum, the DOGE contrast could plunge 33% to $0.157 in a pessimistic scenario.
However, with the broader bullish trend in the crypto market, the Dogecoin price is likely to witness a temporary pullback to $0.206 to recuperate its bullish momentum before the next breakout. A potential breach of the overhead resistance will signal the end of a major accumulation zone and set the asset up for a higher rally.
