Dogecoin (DOGE) Whales Waking Up
Release: 2024/05/15 21:09 Reading: 864
Cover image via U.Today
Dogecoin Whales Awaken, Signaling Market Recovery
According to IntoTheBlock's indicators, Dogecoin whales are finally stirring. With renewed buying power entering the market, DOGE may experience a much-needed boost.
Technical Analysis
The daily time frame chart for DOGE/USDT reveals a stable consolidation pattern at approximately $0.1492. The price hovers around key moving averages:
- 50-day EMA: Acting as resistance at $0.1652. A breakout above this level could indicate the start of a bull market.
- 100-day EMA: Providing support at $0.1434, suggesting a cushion against further declines.
- 200-day EMA: Serving as a significant long-term support level at $0.1237.
The volume profile shows some activity but nothing substantial. The RSI stands at 46, indicating a neutral zone for DOGE, neither overbought nor oversold, leaving room for potential price movement in either direction. src="/uploads/20240515/17157823556644c2d35aba9.png">
Insights from IntoTheBlock
IntoTheBlock charts provide additional insights. Over the past month, a notable increase in large transactions has occurred, peaking at 1.86K transactions on May 14, 2024. This surge suggests heightened activity from large holders or institutional investors.
The volume of these large transactions also spiked significantly, reaching 11.55 billion DOGE on the same day. This increased movement of DOGE tokens likely reflects strategic positioning by whales.
Market Scenarios
Bullish Scenario: If 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.
Bearish Scenario: Conversely, 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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