As the overall market entered a correction phase after an impressive rally, one whale seized the perfect buying opportunity in Dogecoin (DOGE).
Whale Adds 155 Million DOGE Tokens
On October 21, 2024, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had transferred 155.11 million DOGE tokens worth $21.65 million from crypto exchange Robinhood.
The transfer of these important tokens from exchanges to wallets has attracted a lot of attention from crypto enthusiasts and signals a potential buying opportunity.
Recently, DOGE recorded a significant increase of more than 41% in just a few days, possibly due to Elon Musk's speech at a Pennsylvania town hall, where he discussed how he plans to handle the proposed Department of Government Efficiency (DOGE).
Dogecoin Technical Analysis and Upcoming Levels
According to the expertâs technical analysis, DOGE seems to be bullish as it recently broke a strong resistance level at $0.135. However, the price is currently correcting, possibly due to the recent surge. Based on the recent price action, there is a strong possibility that DOGE could surge 25% to $0.18 in the coming days.
Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend, helping them build positions accordingly.
On-Chain Index is bullish
However, on-chain metrics continue to support this positive outlook. According to on-chain analytics firm Coinglass, DOGEâs long/short ratio is currently at 1.07, indicating strong bullish sentiment among traders. Additionally, its open interest has increased by 1.9% over the past 24 hours.
This shows that traders' interest is increasing and they may be building more positions than the previous day. Combining on-chain metrics with technical analysis, it seems that buyers are currently dominating the asset despite the price correction.
At press time, DOGE was trading at around $0.142 and had seen a modest increase of more than 1% over the past 24 hours. During the same period, its trading volume increased by 45%, indicating higher participation from traders and investors compared to the previous day.
