Shocking! Dogecoin whale spends $200 million to buy in!
Will DOGE break through $0.50?
The price of Dogecoin (DOGE) has fluctuated significantly in recent days, dropping to $0.36 on November 23 due to major whales selling off.
However, as of the time of writing, Dogecoin's trading price is $0.38, reflecting a shift in market sentiment as these major stakeholders resume purchasing. This new accumulation, combined with other technical indicators pointing to bullish momentum, may suggest that the price of Dogecoin is preparing to rise again.
When the price of Dogecoin fell to $0.36, the whale holdings decreased from 10.59 billion to 10.39 billion. This sell-off increased market pressure, triggering a price drop.
However, the whales have since resumed accumulation, adding approximately 200 million DOGE, valued at $84 million at the current price of $0.42.
This new buying pressure is alleviating the sell-off pressure and fostering bullish sentiment. The shift in whale activity indicates growing confidence in DOGE's potential for another rise, and their actions are a key driving force behind the token's price recovery.
However, the resistance level at $0.43 has proven challenging, with the cryptocurrency failing to maintain momentum above that level. The decline in trading volume also suggests the need for caution, as sustained buying interest is crucial for pushing DOGE higher.
On the downside, the support level at $0.36 remains a key safety net for bulls, providing room for a rebound if sell-off pressure intensifies. Market participants should closely monitor volume trends to assess the likelihood of a breakout or a retest of support levels.
The future price trend of Dogecoin largely depends on whale activity and the broader market conditions. In a bullish scenario, if whales continue to accumulate and Dogecoin successfully breaks through the resistance level of $0.43, it could rise to $0.48 in the short term.
