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Whales Accumulating Dogecoin: Is A Major Uptrend On The Horizon?
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Dogecoin seemed to be stabilizing near the 20-day exponential moving average. While the long-term trend points to a bullish outlook, the immediate trend awaits a surge in trading volume to establish a definitive direction.
Recent trading sessions have unveiled notable whale transactions, suggesting a potential surge in Dogecoin’s value. The market seems favorable, which could bolster the cryptocurrency.
Whales Accumulating DOGE
Dogecoin performed negatively this week, recording a loss of nearly 9.10%. Still, there has been a significant rise in the holdings of large wallets. The number of whales holding 100 million to 1 billion has increased from 20.75% to 21.55%.
As per a tweet by Ali Martinez, a famous technical and on-chain analyst, Dogecoin whales have accumulated over 700 Million DOGE tokens in the last 72 hours worth $112 Million.
This significant whale activity could be indicative of an impending bullish trend. Typically, these large-scale investors position themselves in the market well ahead of average retail investors, leveraging their greater resources and access to information.
Can Doge Surpass Annual Highs?
The daily chart showcases the formation of a rising channel pattern with the price currently placed near the channel’s support zone. The Long-term trend outlook is bullish, which may invite the bulls at the discounted price.
On the higher side, the $0.175 level has been a strong hurdle for the buyers. Now, if the DOGE bulls can surpass the price beyond $0.175, it may indicate a breakout. After that, the price may rise toward the annual high of $0.228.
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