Dogecoin (DOGE) is the largest meme coin globally, and it has attracted significant attention from crypto enthusiasts during the recent market downturn. On December 21, 2024, a prominent crypto expert posted on X (formerly Twitter) stating that
Crypto whales have accumulated 250 million DOGE over the past few days.
Whales bought 250 million DOGE, however,
According to CoinPedia, posts on X note that this significant accumulation occurred during the recent market downturn, which happened after Jerome Powell took an anti-cryptocurrency stance.
Current price momentum
Meanwhile, the impact of this significant accumulation has already reflected in the DOGE price. According to CoinMarketCap data, this 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 past 24 hours. Despite significant gains, on-chain analytics firm CoinGlass reports that long-term holders seem to be continuously accumulating the token.
The DOGE spot inflow/outflow data shows that
In the past 7 days, exchanges witnessed a significant outflow of DOGE worth $519.19 million.
The outflow is an on-chain metric that indicates the movement of assets from exchanges to long-term holders' wallets. This may signal bullish momentum and suggest an ideal buying opportunity.
Dogecoin (DOGE) technical analysis and upcoming levels according to expert technical analysis,
This meme coin currently faces 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, DOGE's relative strength index (RSI) is currently at 37.85, indicating a significant potential for 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 situated below $0.17. The relative strength index (RSI) is at 30.15, indicating that DOGE is in an oversold area. This may attract whales and large investors looking to buy at a discount.
At the current price, most short positions have been covered. This creates the potential for price increases, possibly targeting high-leverage traders. Such sudden volatility is common in turbulent markets, so traders should act cautiously and implement strong risk management strategies.