Dogecoin Whale Pockets 1.4 Billion DOGE: 20 Cents Coming Soon?
It looks like the meme coin market is experiencing significant activity. Dogecoin (DOGE) has seen a significant increase in whale activity. A surge in whale activity indicates that big investors are entering the market, which could lead to more volatility. It’s worth noting that whale trading volume typically peaks before potentially large price moves. Whales often follow large moves in DOGE, and so does the market.
According to Ali Martinez, a well-known analyst, Dogecoin whales have been on a shopping spree over the past two days. The expert revealed that these whales bought more than 1.4 billion DOGE tokens in 48 hours. It is worth noting that this is worth 140 million.
How is Dogecoin performing?
Whales usually make large purchases when asset prices fall. Dogecoin, on the other hand, has seen an uptick. The asset has surged nearly 10% in the past week alone. At press time, the meme token is trading at $0.114, up 5% in 24 hours.
It seems like Dogecoin whales are preparing for big things. While the market is betting that Dogecoin could surge to 20 cents, Dogecoin has other plans. According to Changelly, Dogecoin is likely to fall. The OG meme coin is going to have a pretty miserable last few days of September. The asset is going to fall by about 1.42% to a low of $0.108089.
It looks like DOGE investors will have to wait a little longer to enjoy the gains of the meme coin.
Dogecoin (DOGE) price breaks out of 6-month downtrend
The shift highlights key technical indicators that show bullish momentum may be building for the cryptocurrency.
Over the past day, DOGE’s price has surged by 7.44%, while its trading volume has increased by 79.08%. Breaking above $0.12 for a short period of time, DOGE is trading at $0.1172 at press time.
DOGE chart analysis: Downtrend breakout signals momentum shift
Dogecoin was confirmed to have broken out of a six-month-long downtrend line in a tweet from Mikybull Crypto. According to the Dogecoin chart, the coin has successfully broken out of the resistance level, suggesting that the bear trend may be reversing.
The breakout is seen as a significant moment in Dogecoin’s price action, with analysts predicting that if the cryptocurrency can sustain above the breakout level, momentum could propel it higher further.
This change suggests that buyers may have regained control of the market after months of downward pressure. Another well-known cryptocurrency analyst, Ali Charts, further strengthened this view by observing a breakout in the relative strength index (RSI).
As these two technical indicators align, the likelihood of Dogecoin continuing to rise becomes stronger
According to Ali’s chart, Dogecoin may face resistance near $0.14 but is expected to rise further if the current momentum can be maintained.
Dogecoin’s open interest grew by 11.16% to $587.53 million. The increase in open interest reflects increased trader participation and confidence in Dogecoin’s price action.
CobraVanguard, a well-respected analyst on TradingView, noted that DOGE is forming an ascending triangle on the daily chart. From the local high on March 28, 2024 (around $0.22737), this pattern has been within a descending wedge.
“As you can see, DOGE is now in an ascending triangle pattern and is also inside a descending wedge. This means that if DOGE can break through the upper limits of these two patterns, the price has the potential to reach the target range (AB=CD),” he wrote a few days ago.
According to the chart he provided, the support level that DOGE needs to break in this pattern is roughly between $0.11045 and $0.11400.
The analysis points out that DOGE has the potential to rebound, aiming to test the resistance levels of $0.13353 and $0.16661. From DOGE's current price of $0.10883 as of Wednesday evening, the potential gains are 22.7% and 53%, respectively.
However, KlejdiCuni has a completely different view. He mentioned on August 15, 2024 that the price of DOGE may fall sharply, with a target of $0.08451.
However, as of August 23, 2024, DOGE has actually managed to break above the $0.10896 resistance level and is currently in a consolidation phase with the price moving relatively sideways on the 4-hour chart.
Looking further at the daily timeframe, the asset with a doggie sign is attempting to retest the EMA-200 ($0.11767) after successfully breaking above the EMA-50 ($0.10617).
Currently, the closest resistance for DOGE is at EMA-50 ($0.11289), which is expected to be reached soon as an upward crossover between EMA-20 and EMA-50 is likely to occur in the coming days.
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