Dogecoin (DOGE) is the largest meme coin in the world, and it has garnered significant attention from crypto enthusiasts during the recent market downturn. On December 21, 2024, a prominent crypto expert posted on X (formerly Twitter) that
Crypto whales have accumulated 250 million DOGE in the past few days.
Whales bought 250 million DOGE; however,
According to CoinPedia, posts on X indicate that this massive accumulation occurred during the recent market downturn, which happened after Jerome Powell took an anti-crypto stance.
Current price momentum
Meanwhile, the impact of this significant accumulation has already been reflected in the DOGE price. According to data from CoinMarketCap, the meme coin has surged over 25% in the past 48 hours. The current trading price is close to $0.32, having risen 8% in the last 24 hours. Despite the significant gains, on-chain analytics firm CoinGlass reports that long-term holders seem to be continuously accumulating the token.
DOGE spot inflow/outflow data shows that
In the past 7 days, exchanges have witnessed a massive outflow of DOGE valued at $519.19 million.
The outflow is an on-chain metric that indicates the flow of assets from exchanges to the wallets of long-term holders. This may suggest bullish momentum and hint at an ideal buying opportunity.
Dogecoin (DOGE) technical analysis and upcoming levels according to expert technical analysis,
The meme coin is currently facing strong resistance around $0.346. Based on recent price trends, if DOGE breaks through this resistance level and closes above $0.36, it is likely to surge by 25% and reach the next resistance level of $0.44 in the near future.
Source: Trading View On the positive side, the relative strength index (RSI) of DOGE is currently at 37.85, indicating a significant potential for an upward movement in the coming days.
Technical analysis
The current trading price of Dogecoin is $0.28, with its recent support level at $0.27, supported by the 100-day moving average (MA).
It has fallen below the 20-day and 50-day moving averages, while the 200-day moving average is located below $0.17. The relative strength index (RSI) is 30.15, indicating that DOGE is in the oversold territory. This may attract whales and large investors looking to buy at a discount.
At the current price, most short positions have been completed. This creates the possibility for a price increase, potentially targeting high-leverage traders. Such sudden volatility is common in turbulent markets, so traders should proceed with caution and implement strong risk management strategies.
