Shock! Dogecoin whales spend 200 million to buy! Will DOGE break through $0.43?
The price of Dogecoin [DOGE] has been volatile in recent days, with its value falling to $0.36 on November 23 as major whales sold off their holdings.
However, at press time, Dogecoin is trading at $0.38, reflecting a shift in market sentiment as these major stakeholders resume buying. This new accumulation, coupled with other technical indicators pointing to bullish momentum, could indicate that the price of Dogecoin is preparing to rise again.
When the price of Dogecoin fell to $0.36, whale holdings fell from 10.59 billion to 10.39 billion. This selling increased market pressure and triggered a price drop.
However, whales have since resumed accumulation, adding about 200 million DOGE, worth $84 million at the current price of $0.42.
This new buying pressure is easing selling pressure and fueling bullish sentiment. The shift in whale activity suggests growing confidence in DOGE’s potential to rise again, with their actions acting as a key driver of the coin’s price recovery.
However, the $0.43 resistance level has proven challenging, with the cryptocurrency failing to sustain momentum above it. The decline in volume also suggests a need for caution, as sustained buying interest is essential to push DOGE higher.
On the downside, the $0.36 support level remains a key safety net for bulls, providing room for a rebound if selling pressure intensifies. Market participants should closely monitor volume trends to gauge the likelihood of a breakout or retest of support.
Dogecoin’s future price action will largely depend on whale activity and broader market conditions. In a bullish scenario, if whales continue to accumulate and Dogecoin manages to break above the $0.43 resistance level, a move to $0.48 is possible in the short term.
Long-term buying interest and positive sentiment could even drive prices higher, reigniting hopes of reaching the psychological $1 mark.
