Dogecoin (DOGE) Soars on Whale Activity and Increased Trading Volume.

On August 13, blockchain transaction tracker Whale Alert detected a large Dogecoin transfer, indicating that a crypto whale moved 103.8 million DOGE worth approximately $11.2 million from the Bittrex exchange to an unknown wallet. This transaction occurred near the key support level of $0.100, after which the price of #DOGE increased by 1.5% in 24 hours to a high of $0.104. This event generated a lot of interest among investors and traders.

In addition to this significant transaction, Dogecoin’s trading volume increased by 25%, indicating increased participation in the market. This increase in volume was accompanied by a 2% increase in Open Interest during the same period. These indicators reflect the growing confidence and interest in #DOGE from the trading community.

Expert technical analysis offers a positive outlook for #Dogecoin as it has broken above the 200 Exponential Moving Average (EMA) on the weekly chart. Since April 2024, DOGE has been trading within an ascending channel pattern characterized by lower highs and lows. Following the market correction on August 5, DOGE is now approaching a critical resistance zone. Analysts predict that if this momentum is maintained, #DOGE could rise by 15% to $0.12. However, if this level cannot be maintained, significant selling pressure could occur.

Current data from on-chain analytics firm CoinGlass shows critical liquidation levels for DOGE. It is stated that if the price of DOGE rises to $0.109, approximately $9.36 million of short positions could be liquidated. Conversely, if the price drops to $0.103, approximately $2.93 million of long positions could be at risk of liquidation. These levels are critical for traders who want to manage their positions effectively.