Dogecoin surged 3.68% on Elon Musk and Donald Trump posts, but fell 4% in the short term. Whales buying 1.5 billion DOGE has been effective in the price movement. While the $0.15 resistance is considered a key level, a drop below $0.1100 would be risky.
Interest in Dogecoin Rises Due to Elon Musk and Trump's Influence
Dogecoin has been getting a lot of attention in recent days. A poster shared by Elon Musk with Donald Trump has caused a big stir in the crypto world. The post talks about the “Department of Government Efficiency” (D.O.G.E). It features a dog, the symbol of Dogecoin. Trump also retweeted the post, adding to the enthusiasm in the DOGE community. These developments pushed the price of Dogecoin up by 3.68% in a short period of time.
However, after a short while, the DOGE price succumbed to the selling pressure of the market and fell by 4%. Dogecoin, currently trading at $0.1217, continues to follow an unstable trend among investors.
Whales Buy 1.5 Billion DOGE and Price Movements
Amid the sudden price surge of Dogecoin, there has also been a large number of DOGE buyers. The purchase of 1.5 billion DOGE, or about $176 million, by a whale has caught the attention of market analysts. Billy Markus, the creator of Dogecoin, expressed the purchase on social media and claimed that the price increase could be related to these purchases.
DOGE, in particular, which has surged as much as 24% over the past three days, has retreated slightly as investors have turned to selling profits. According to the cryptocurrency derivatives monitor, investors have begun closing long positions and opening short positions in the short term. However, on the weekly and monthly timeframes, it appears that Dogecoin investors remain bullish.
Resistance Level $0.15 Is Very Important
According to technical analysis, Dogecoin has long-term bullish potential. DOGE, which broke out of a falling wedge pattern over the past seven months, attracted attention with the bullish signal given by this pattern.
While there could be a pullback to $0.1100 in the short term, serious buying pressure is expected to emerge after this level. If Dogecoin holds this support level and clears the $0.15 resistance, it could rise as high as $0.25.
However, if there is a possible drop below $0.1100, Dogecoin price could drop to $0.1000 or $0.0800 and the current bullish expectations could become invalidated.
