Dogecoin Price Eyes $0.20+ Following Massive 218M DOGE Whale Buying Spree

Dogecoin price is gaining traction after a major rebound from the $0.14 support zone, fueled by a strong whale buying spree. Large wallets recently accumulated over 218 million DOGE, which indicates a newly restored confidence in the asset.

The market of meme coins has been robust in early 2026, with the SHIB, Pepe, and Bonk facilitating a recovery in the sector.

Dogecoin price has had a reversal of trend by increasing by 11% points in the last week. Despite slight crypto market conn  solidation, DOGE continues to show solid support levels.

The technical patterns show narrow price action and multiple long wicks at the level of $0.14 that are a signal of stronger accumulation pressure.

 The broader-sentiment was also advanced by the action by the President Donald Trump to pay a visit to the Venezuelan land, which gave rise to risk-appetite.

Meanwhile, Bitcoin holds steady above $90,000, and Ethereum consolidates around $3,100. U.S. Initial Jobless Claims rose to 208,000, slightly weakening rate cut expectations and triggering brief downside in Bitcoin before recovery.

Whales Scoop Up 218 Million DOGE in 12 Hours, Indicating Rising Demand

The Dogecoin market experienced a major development in the past 12 hours when massive holders purchased more than 218 million DOGE.  This build up means that whale investors have regained confidence and this usually portends future price volatility or the bullishness.

JUST IN: 🐕 Dogecoin whales purchased over 218,000,000 $DOGE in the last 12 hours. pic.twitter.com/FXSOurIede

— CEO (@Investments_CEO) January 8, 2026

The purchasing spurt indicates rising excitement over the meme coin as the crypto industry overall continues to resurge. Such whale activity is usually considered as a prediction of the increased market movement by analysts. Investors are now closely watching DOGE’s chart for potential breakouts and trend shifts in the short term.

Dogecoin Price Forms Classic Head and Shoulders: What Next?

Crypto analyst has identified a head and shoulders pattern forming on Dogecoin’s 4-hour chart. 

The trend is made up of a left shoulder, a higher peak which is the head and a right shoulder, indicating a possible bearish reversal.

A decisive action that falls below this might validate the trend and trigger further selling action.

$Doge/4-hour#Dogecoin is forming a Head and Shoulders pattern.
$0.13978: A short-term critical level to monitor. pic.twitter.com/xEINC4S5z2

— Trader Tardigrade (@TATrader_Alan) January 9, 2026

Currently, Dogecoin price is above the neckline with a rising tension between the bulls and the bears. Unless buyers are able to sustain this level, the price may collapse and capture lower support areas.

Can DOGE  Price Rally to $0.20 After Holding Key Support?

As of the reporting, the DOGE price climbed at $0.1428, signaling a cautious rebound following recent selling pressure.

Dogecoin has been supporting the $0.13 level but recovered after a short decline to a level below $0.14.

The short-term resistance is at the $0.15 level. A break above it can result in a continuation to $0.18. The full Dogecoin forecast report an upside target of $0.20, suggesting a possible 40% of a rally at present levels.

The Relative Strength Index (RSI) is at the moment of 39 that is below the neutral 50 price. In the meantime, MACD histogram is negative, but blue MACD line is closing towards the signal line.

On the negative a downward break of below 0.1300 to establish the next significant movement of prices.