The past week has seen extreme volatility for Dogecoin (DOGE) 🔥🔥🔥

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Dogecoin experienced significant price fluctuations over the past week, peaking at a 20-day high of $0.3968 before dropping 10% within 24 hours to a trading price of $0.3496. Although it is still 53% lower than its all-time high, recent developments have made the market optimistic.

Whale trading volume surges

According to Santiment data, in the past 24 hours, the trading volume of whales exceeding $100,000 has increased by 400%, coinciding with an 18% price increase, indicating strong interest from institutions and high-net-worth investors. A surge in whale trading volume typically signals an accumulation phase or upward momentum, enhancing bullish sentiment.

Technical indicators support a rebound

The Chaikin Money Flow (CMF) indicator is at 0.06, reflecting strong capital inflow and sustained buying pressure. The Relative Strength Index (RSI) is below overbought levels, indicating room for upward movement without significant correction risk.

Facing psychological resistance

Dogecoin faces psychological resistance at $0.40; breaking through this level could lead to further increases to $0.50, marking a key milestone towards the $1 mark. Strong trading volume and liquidity support market confidence.

Caution is advised

Analysts warn that macroeconomic factors or profit-taking by whales could trigger volatility. The short-term price trend will depend on trading volume growth and market sentiment. If DOGE fails to close above $0.3693, it may retrace to the $0.32-$0.31 range.

Current trading price

At the time of writing, Dogecoin's trading price is $0.348. Short-term outlook is bullish, but traders should monitor key resistance levels and market dynamics to respond to potential price fluctuations.

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