Big news for Dogecoin (DOGE): Whales transfer $102 million!
Dogecoin’s big holders (whales) have been active recently, transferring more than $102 million between wallets, which shows that the Dogecoin market is getting busy again.
The market value of Dogecoin now exceeds $62 billion, and the trading price is about $0.44 per coin, which is a lot higher than $0.10 in October.
In November, the daily trading volume of Dogecoin reached $10 billion, and in December it stabilized at around $2.44 billion. There were still 9.23 million active addresses in November, which is a record high!
From a technical point of view, Dogecoin now has support at $0.40 and strong support at $0.50. The 50-day moving average is $0.26, which laid the foundation for the recent price increase.
The relative strength index (RSI) is now 62, indicating that there is still room for growth, and it has calmed down from the overbought state in November. This technical setup tells us that the price may have to consolidate before a big move.
Trading volume is stable, and derivatives trading volume is up 77%. It seems that traders are trying to make some leveraged money with Dogecoin's price action.
Since October, Dogecoin has been getting stronger and stronger in the market, thanks to continued buying and increased network utilization. The current market value of about $61.3 billion is a testament to its strength.
Speaking of support levels, Dogecoin is holding firm at $0.40, and if there is a pullback, there is additional support at $0.35. Traders are watching these levels and looking for opportunities to enter the market.
The 200-day moving average is $0.15, which is a good support in the long run. The gap between the moving averages is getting bigger and bigger, indicating that the medium-term upward momentum is strong.
Recent large transfers between exchanges and private wallets may indicate that Dogecoin prices are about to make new moves. Such large transactions are generally a precursor to market fluctuations or changes in price trends.
Trading data shows that both institutions and retail investors are quite active, and the network handles large transfers and small retail transactions smoothly.
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