Dogecoin’s large transactions fluctuate between 800-1,200, indicating possible whale accumulation or institutional interest.
Price volatility shows Dogecoin fluctuating between $0.09 and $0.13, closely tied to large transaction volume changes.
Technical indicators reveal neutral RSI and bearish MACD, suggesting potential consolidation or downward pressure for Dogecoin.
The number of large Dogecoin transactions has been steadily rising, signaling potential institutional involvement in the market. According to analyst Dr. Martin Hiesboeck, this increase in transactions may suggest that $DOGE whales are positioning for an upcoming price move. The trend aligns with recent price activity, reflecting fluctuations in the asset’s performance over the past two months.
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Fluctuating Large Transactions
The data reveals that Dogecoin experienced a varying number of large transactions between 800 to 1,200 from mid-August to late September. Notably, there was a peak in transactions around the 26th of August, reaching 1,200 before dropping to below 1,000 by early September.
Despite this dip, the number of transactions stabilized between 800 and 1,000 until mid-September. Another rise occurred by the end of September, with large transactions climbing back to over 1,000. This consistent fluctuation in large transactions suggests ongoing market activity from major investors.
Price Movement Trends
Dogecoin’s price showed substantial volatility during the observed period. Starting at around $0.10 in mid-August, the price rose to $0.11 by the end of the month. However, a decline followed in early September, bringing the price to $0.095 by the 9th.
A recovery in late September saw the price surge to $0.13, coinciding with an increase in large transactions. However, the price declined again, ending the month at approximately $0.105. This correlation between price and transaction volume emphasizes the impact of large trades on the market.
Key Technical Indicators and Market Sentiment
A recent chart featuring technical indicators, including RSI and MACD, further supports the observed trends. At press time, Dogecoin was trading at $0.1087, having pulled back after a brief rally in late September. The RSI, at 49.61, reflects a neutral market sentiment, while the MACD shows a bearish crossover, suggesting potential downward pressure in the near term.
Source: TradingView
The asset’s volume has also decreased, highlighting a consolidation phase as market participants await further momentum. With support around $0.09 and resistance at $0.13, the asset remains range-bound.
