Dogecoin Whales Increase Activity
Release: 2024/07/24 03:39 Reading: 569
Dogecoin Whale Transactions Surge, Influencing Price Movements
Dogecoin, the popular meme coin, has witnessed a significant increase in whale transactions. This activity has coincided with notable price fluctuations, captivating traders and investors alike.
Drivers of Whale Transactions
Rising sell pressure on Dogecoin has accompanied the heightened whale activity. Data from Whale Alert reveals significant transactions:
- On July 20th, 400 million DOGE (approximately $50.33 million) was transferred from Robinhood to an unknown wallet.
- On July 23rd, 77.65 million DOGE (around $10.82 million) was moved from Robinhood to another unidentified wallet.
These large transactions highlight crucial price levels for DOGE, particularly around $0.15. Currently, DOGE trades at $0.1313, having declined by 6.54% daily. However, it has gained 4.38% in value over the past week.
Key Levels for DOGE
Market analyst RLinda has identified critical price points for DOGE. These include:
- Bottom Range: $0.10 to $0.05, previously serving as an accumulation zone. DOGE recently tested this support at $0.106, indicating bullish defense.
- Daily Analysis: DOGE may break its current formation and rise to $0.1437. Support levels at $0.126 and $0.12 remain crucial for bullish sentiment.
Investor Implications
- Key Resistance Levels: $0.1437 and $0.1657
- Critical Support Levels: $0.126 and $0.12
- Increased whale activity suggests growing interest in DOGE
- Strong defense at $0.106 implies potential bullish trends
RLinda advises traders to monitor these resistance and support levels closely. The bullish outlook could lead to a rally if the bulls maintain their strength, signifying potential upward movements in the Dogecoin market.
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