Dogecoin pricehttps://globalcoinreport.com/tag/dogecoin/ has been hovering around its highest level since February for the past few days as whale accumulation rises. The largest meme coin in the crypto ecosystem has jumped more than 31% in the past week, gaining 38.14% in the year to date. The altcoin currently ranks as the 8th largest cryptocurrency by market cap after Cardano.
Dogecoin price jumped 21.47% earlier on Monday, hitting its highest level since December 5, 2022, on the back of Twitter’s latest update. Elon Musk, the CEO of SpaceX, and Tesla, has always been responsible for pumping DOGE prices on several occasions by sharing various memes or references related to the altcoin.
Earlier on Monday, Elon Musk shared a screenshot of an earlier exchange with a Twitter user who urged him to buy Twitter and change the bird logo to a doge. On Tuesday, Twitter users noticed that the Twitter logo had been changed to a cartoon of Shiba Inu on the web browsers which is the face of Dogecoin. According to analysts, the change in Twitter’s logo suggests that DOGE could become an integral part of Twitter.
The Dogecoin price has also been rallying on the back of the continued accumulation of the meme coin by large wallet investors. The altcoin has recently shown mild signs of decoupling from the broader crypto market over the weekend. The continued whale accumulation of the digital asset has fueled bullish sentiment among holders and investors.
Whales have added 10 million DOGE worth $123.1 million in the past three months, pumping DOGE price. Even so, the meme coin’s rival Shiba Inu has also recorded a rise in accumulation by large wallet investors. As such, if the Dogecoin price sustains its current uptrend post whale accumulation, it could potentially prompt a bullish breakout.
Dogecoin price has staged a strong comeback in the past few days, rising more than 50% from its lowest level in March. On the daily chart, the meme coin has managed to move above the 25-day and 50-day moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) is in the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator shows a bullish divergence.
Therefore, the Dogecoin price is likely to extend its bullish uptrend, but buyers would need to gather momentum to sustain the bullish momentum. A move past this week’s high at $0.10500 might push the DOGE price higher to $0.12015. However, a move below the crucial support at $0.08200 will invalidate the bullish thesis.