Big players enter the market, Dogecoin market analysis 👇👇👇

Dogecoin whales have finally awakened. With the recovery of market purchasing power, DOGE may get the necessary boost.

DOGE is trading at around $0.1492, showing a relatively stable consolidation pattern. The price is currently trading at several key moving averages:

50-day moving average: Currently acting as resistance near $0.1652. A break above this level could mark the beginning of a bull run.

100-day moving average: This line provides support near $0.1434, indicating that DOGE has a buffer against further declines.

200-day moving average: $0.1237, which is an important long-term support level.

The volume distribution does show some activity, but not significant activity. The RSI is 46, indicating that DOGE is in a neutral zone, neither overbought nor oversold, which provides room for potential price movements in either direction.

The number of large transactions has increased significantly over the past month, peaking at 186,000 transactions on May 14, 2024. The surge in large transactions indicates increased activity from large holders or institutional investors.

These large transactions also saw a significant spike in volume, reaching 11.55 billion DOGE on the same day. The increase in large transaction volume indicates large movements in DOGE tokens, which may reflect the strategic positioning of whales.

Bullish scenario: If the increase in whale activity leads to significant buying pressure, DOGE may break through the 50-day MA at $0.1652, targeting higher resistance levels around $0.18 and $0.20.

Bearish scenario: Conversely, if whales sell their holdings, DOGE may face selling pressure, leading to a test of the support levels of $0.1434 (100-day MA) and $0.1237 (200-day MA).

Many years of experience in cryptocurrencies

Welcome to discuss, look at the points, look at the direction, position distribution, select potential coins

Strong support for fans, never play tricks, never play the game of collecting rice, only share sincerely

Follow first, then get rich