DOGE Whales Flock to Buy Dip, Setting Stage for Potential Recovery

Dogecoin (DOGE) is trading near $0.070 as of Tuesday, maintaining its hold above key support levels despite still being below major moving averages.

Whale wallets have been buying DOGE during the recent dip, accumulating around 180 million tokens since Saturday. This behavior from large holders indicates continued long-term interest in DOGE at current prices.

Crypto analyst Ash Crypto noted that DOGE is now at its most oversold levels ever, down 90% from its all-time high and hitting a 3-year low at $0.067. He pointed out that the monthly RSI is more oversold than it was during the 2022 market bottom.

The derivatives data also shows a bullish lean, with the long-to-short ratio reaching 1.27 on Tuesday, its highest point in over a month. Funding rates for DOGE turned positive on July 24 and have climbed to 0.0096% as of Tuesday, indicating a bullish bias in the market.