According to U.Today, Dogecoin has seen a significant increase in whale activity following its breakthrough of the 100 EMA. This surge in activity was observed as the meme coin's price reached $0.13, leading to a substantial rise in large transactions by whales. In the last day alone, 1,030 large transactions totaling 6.84 billion DOGE were recorded. This suggests that large holders might be redistributing their holdings or preparing for larger market movements.
The correlation between the increase in whale activity and Dogecoin's price movement indicates that these large holders play a crucial role in the current market dynamics. The crossing of the 100 EMA, a key technical indicator, likely triggered buy signals for many traders, including these whales. This surge in activity can be seen as both a cause and an effect of the recent price increase.
Looking ahead, the data suggests several possible outcomes for Dogecoin. If the price remains above the 100 EMA and approaches the 200 EMA, it may indicate a sustained bullish trend and attract more buying interest. Key support levels to watch include the 50 EMA at $0.127, the 100 EMA at $0.133, and the 200 EMA at $0.128. If Dogecoin maintains its position above these levels, it could stabilize and potentially reach higher resistance levels around $0.15.
However, if the number of large transactions declines and the price fails to stay above these moving averages, Dogecoin may face downward pressure. The market appears to be waiting for clearer signals, as indicated by the RSI, which shows a relatively neutral zone.
