Dogecoin Eyes $0.20 as Whales Scoop Up 218M DOGE in Just 12 Hours

Dogecoin (DOGE) is regaining momentum after a strong bounce from the $0.14 support zone, fueled by a massive whale buying spree. In just 12 hours, large holders accumulated over 218 million DOGE, signaling renewed confidence in the iconic meme coin. The memecoin sector has shown bullish momentum in early 2026, with SHIB, PEPE, and BONK helping drive a recovery across the space. Dogecoin is up over 11% in the past week, defying overall market consolidation and continuing to demonstrate strong support levels.

Technical Outlook: Head and Shoulders Formation Emerging Analysts are closely watching Dogecoin’s 4-hour chart, where a classic head and shoulders pattern is forming – often a bearish indicator. The setup includes a left shoulder, a higher peak (head), and a right shoulder. Currently, DOGE remains above the neckline, with tension building between bulls and bears. If buyers manage to hold the line, the bearish scenario may be invalidated. However, a break below this key level could trigger a steeper correction toward the $0.13 zone.

Whales Signal Confidence With 218 Million DOGE Purchase One of the most notable developments in the Dogecoin market was the purchase of 218 million DOGE by major wallets in just half a day. Whale activity is often seen as a precursor to significant market moves, either bullish or bearish. This buying spree suggests growing excitement and signals a potential price rally. Whales typically accumulate at support zones, and the $0.14 area seems to have served as a key entry point. Many analysts interpret this as a bullish setup, with DOGE possibly ready for its next leg up.

Where Is Dogecoin Headed Next? As of January 9, 2026, DOGE is trading around $0.1428, cautiously rebounding from recent pressure. The next resistance sits at $0.15 – a breakout above this level could pave the way for a move toward $0.18, with the full target seen at $0.20, representing over 40% upside from current levels. 🔹 RSI stands at 39, still below the neutral 50

🔹 MACD histogram is negative, though the blue MACD line is nearing a crossover with the signal line A breakdown below $0.1300, however, could invalidate this bullish setup and trigger a new wave of selling.

Sentiment Boosted by Trump’s Venezuela Visit Adding to market optimism, President Donald Trump’s surprise visit to Venezuela was seen as a geopolitical breakthrough that sparked renewed risk appetite. With Bitcoin holding above $90,000 and Ethereum consolidating near $3,100, broader sentiment in the crypto market remains positive.

Bottom Line: DOGE Is Back in the Game While Dogecoin currently teeters at a critical level, whale behavior and broader market conditions support a bullish outlook. If the price breaks above $0.15, a move to $0.20 could be just around the corner.

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