Dogecoin (DOGE) Whales Are Active Again in the Crypto Community
Dogecoin whales are becoming more active, according to IntoTheBlock’s indicators. With increased buying power in the market, DOGE may experience a much-needed boost.
On the daily time frame chart for DOGE/USDT, the price is consolidating around $0.1492, showing stability. It is currently near several key moving averages: The 50-day EMA is acting as resistance at $0.1652, and a breakout above this level could signal the start of a bull market.
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The 100-day EMA is providing support at $0.1434, indicating a cushion against further declines. The 200-day EMA at $0.1237 serves as a significant long-term support level. The RSI at 46 suggests that DOGE is in a neutral zone, allowing for potential price movement in either direction.
Dogecoin/USDT Chart by TradingView
IntoTheBlock’s charts reveal additional insights. There has been a notable increase in the number of large transactions over the past month, peaking at 1.86K transactions on May 14, 2024. This surge in large transactions indicates heightened activity from large holders or institutional investors.
The volume of these large transactions also saw a significant spike, reaching 11.55 billion DOGE on the same day. This increase in large transaction volume suggests substantial movement of DOGE tokens, likely reflecting strategic positioning by whales.
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In a bullish scenario, if the increased whale activity leads to substantial buying pressure, DOGE could break above the 50-day EMA at $0.1652, targeting higher resistance levels around $0.18 and $0.20. Conversely, in a bearish scenario, if whales are offloading their holdings, DOGE could face selling pressure, leading to a test of support levels at $0.1434 (100-day EMA) and $0.1237 (200-day EMA).
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