Whales Begin to Accumulate DOGE, Will Dogecoin Price Rebound to $0.2?
Release: 2024/06/01 15:14 Reading: 393
Whales Accumulate DOGE, Signaling Potential Price Rebound
Dogecoin (DOGE), the popular memecoin, has garnered significant attention and fueled market volatility in the past. However, recent inactivity from whales and traders has dampened its momentum.
A new development, however, suggests that DOGE's market dynamics may be shifting. Analysis of whale activity by Santiment, shared by analyst Ali, indicates a renewed accumulation of the token.
Over the past 72 hours, whales holding 100 million to 1 billion DOGE have accumulated over 700 million tokens, worth approximately $112 million. This substantial accumulation raises the possibility of a price surge in the coming days.
Historically, DOGE price surges have followed a gradual upward trend. After a bearish month, bulls have regained some control. The MACD indicator has turned bullish, suggesting a sustained upward movement despite bearish resistance.
Based on these observations, the DOGE price is anticipated to close above $0.2, its recent local high, for the month. This level presents a potential bullish breakout point, especially if whales continue to support the accumulation.
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