Dogecoin

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<a href="https://u.today/dogecoin-founder-disappointed-with-chatgpt-4o-heres-why" rel="noopener noreferrer nofollow">Dogecoin</a> whales are finally waking up, as IntoTheBlock's indicators suggest. With the return of buying power on the market, DOGE might receive a necessary <a href="https://app.intotheblock.com/coin/DOGE" rel="noopener noreferrer nofollow">boost</a>.
The first chart shows DOGE/USDT on the daily time frame. <a href="https://u.today/dogecoin-founder-offers-mars-colonization-movie-script-to-elon-musk" rel="noopener noreferrer nofollow">DOGE</a> is trading at around $0.1492, displaying a relatively stable consolidation pattern. The price is currently at several key moving averages:
50-day EMA: This is currently acting as a resistance level around $0.1652. A breakout above this level could signal the beginning of a bull market.
100-day EMA: This line is providing support around $0.1434, suggesting that DOGE has a cushion against further declines.
200-day EMA: At $0.1237, this serves as a significant long-term support level.
The volume profile does show some activity but not significant activity. The RSI is at 46, suggesting that DOGE is in a neutral zone, neither overbought nor oversold, which provides room for potential price movement in either direction. <img alt="DOGEUSDT" data-entity-type="file" data-entity-uuid="3ca9f6d3-c666-4549-958e-a0b0a259f733" src="https://u.today/sites/default/files/inline-images/image_788.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">Dogecoin/USDT Chart by TradingView</a>
Charts from IntoTheBlock provide some additional insights. Over the past month, there has been a notable increase in the number of large transactions, peaking at 1.86K transactions on May 14, 2024. This surge in large transactions indicates heightened activity from large holders or institutional <a href="https://u.today/optimism-based-defi-protocol-loses-20-million-in-major-attack" rel="noopener noreferrer nofollow">investors</a>.
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.
Bullish scenario: If the increased whale activity leads to substantial buying pressure, <a href="https://u.today/dogecoin-doge-creator-breaks-silence-on-big-doge-announcement" rel="noopener noreferrer nofollow">DOGE</a> could break above the 50-day EMA at $0.1652, targeting higher resistance levels around $0.18 and $0.20.
Bearish scenario: Conversely, if the 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).

Dogecoin (DOGE) Whales Waking Up

U_Today

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