$1 coming? This altcoin's liquidity is exciting!
Dogecoin (DOGE) price rebounds and crosses $0.18 threshold after Dogecoin whale buys 200 million units of DOGE. This activity of the altcoin has attracted the attention of crypto investors. The accumulation of whales and positive signals from technical indicators support a potential bull run for DOGE.
Dogecoin (DOGE) has once again attracted the attention of investors with its recovery after the last time it plunged the entire cryptocurrency market and caused heavy losses. The current rise in DOGE price, a Dogecoin whale bought 200 million units of DOGE in a series of transactions, has raised expectations for the future price action of the dog-themed meme coin.
Whale Collects 200 Million DOGE
With the current upward momentum of DOGE, the price has crossed the $0.18 threshold, and the discussion around the potential outcome of the bearish phase has attracted the attention of crypto investors. With the increase in whale accumulation and the strength of altcoins to prevent further declines, speculations have increased that DOGE is expected to reach the much-anticipated $1 level. Additionally, with Bitcoin’s fourth block reward halving expected to occur on April 19, market observers predict that Dogecoin’s price could see a bull run.
At this point, the accumulation tendency of whales also adds to the expectations for DOGE, supporting the rise. Whale Alert, which detects significant movements on the blockchain and shares them publicly, reported that an unidentified wallet address 💰qun+v:1983211157👈 recently purchased 199.27 million DOGE in a series of transactions. This purchase had a huge impact on the altcoin community. The series of transactions, with a total value of $35.45 million, were conducted on the Robinhood exchange.
Receiving Ascension Signals
Given all these developments, the price of Dogecoin DOGE has risen by 2.93% in the past 24 hours, trading above $0.183 at the time of writing. The recent price increase, coupled with the massive accumulation of whales, has put the altcoin on an upward trajectory. In addition, data provided by Coinglass shows that DOGE's open interest (OI) in the derivatives market has increased by 3.58%, and investors' interest and capital inflows in altcoins in the derivatives market have increased. This trend may mark the end of the downward trend.
Technical indicators also point to a potential rise for DOGE. For example, the fact that the relative strength index (RSI), one of the leading technical indicators, is giving a neutral signal at the 52 level suggests that the altcoin has a clear upward path.
Experts believe that if the buying pressure continues to increase, DOGE could see a significant rise that could open the door to the long-awaited $1 level. However, they caution that as profit-taking increases, selling pressure could intensify, causing the altcoin's price to fall back to previous support levels, putting it in a downtrend.
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