In the past 24 hours, there has been significant whale activity in Dogecoin (DOGE), with large investors purchasing 160 million Dogecoin. This surge occurred after the price has been consistently rising, with Dogecoin increasing in value by 350% in recent years. The growing demand for the cryptocurrency has sparked speculation about its potential to reach the $1 mark.
Dogecoin whales purchase 160 million DOGE, with prices expected to break through the $1 mark.
According to a recent post by Ali Martinez, DOGE whales have purchased 160 million DOGE in 24 hours, boosting market sentiment. This influx of large-scale purchases coincides with Dogecoin's price maintaining an upward trend, enhancing optimism for further gains.
The increase in DOGE whale holdings comes at a crucial moment as the cryptocurrency breaks through the $0.46 resistance level. Analysts believe this development is a key indicator of bullish momentum, with potential target prices set at $0.50 and the previous all-time high (ATH) of $0.7376.
If this trend continues, the price of Dogecoin could rise to the highly anticipated $1 mark.
The MACD and RSI indicators highlight bullish momentum.
Technical indicators further support the bullish outlook for Dogecoin's price. The Moving Average Convergence Divergence (MACD) shows signs of recovery, with the MACD line crossing above the signal line, indicating potential bullish momentum. Additionally, the histogram shows that bearish intensity is weakening, suggesting a possible upward trend. Dogecoin's consolidation around $0.408 indicates that buyers are gaining control.
Additionally, the RSI on the Dogecoin 4-hour chart is 47.91, indicating a neutral trend. This indicator is slightly below the 50 midline, suggesting a balance between buying and selling pressure. This consolidation phase reflects market indecision, with the potential for a bullish breakout or continued sideways trading.
Price patterns indicate a potential rise of 85%.
Recent technical analysis shows that Dogecoin's price is forming a double bottom pattern, which is a bullish signal typically indicating a sustained upward trend. This pattern occurs when the asset price tests the support level twice before rebounding, forming a 'W' shape on the chart.
For Dogecoin, this pattern has stabilized near the support area of $0.37, followed by a surge above $0.46. This formation indicates a reduction in selling pressure and an increase in buying activity, signaling further upside. If the momentum continues, the price of Dogecoin could rise by 85%, breaking through previous highs.
As of the time of writing, the DOGE price is $0.4089, up 0.77% in the last 24 hours, with a market capitalization of $60.18 billion. Its 24-hour trading volume is $3.79 billion, down 30.05%.
