Dogecoin

bullish

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In just one day, 9.4 billion <a href="https://app.intotheblock.com/coin/DOGE" rel="noopener noreferrer nofollow">DOGE</a> were moved, setting a new record for whale activity in the last 30 days. Dogecoin has seen a sharp increase in activity. The timing of this transaction surge is significant because <a href="https://u.today/bitcoin-btc-double-bottom-or-head-and-shoulders-dogecoin-doge-price-goes-through-5-surge-ethereum" rel="noopener noreferrer nofollow">DOGE</a>'s price recently broke through significant resistance levels and began to exhibit indications of a possible bullish reversal.
The current whale movement suggests that large holders are becoming more interested, which could lead to further price increases. Whales who own large amounts of a specific asset in bulk are usually institutional investors or other entities with significant market power. Their actions imply that more participants in the market may be placing bets on Dogecoin's sustained upward trend. <img alt="DOGEUSDT" data-entity-type="file" data-entity-uuid="836dadff-9a2a-4b02-9ae4-3d7443c798bc" src="https://u.today/sites/default/files/inline-images/image_1248.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">DOGE/USDT Chart by TradingView</a>
Technically speaking, <a href="https://u.today/dogecoin-creator-urges-sec-boss-to-approve-doge-as-nonsecurity" rel="noopener noreferrer nofollow">DOGE</a> has just overcome the $0.12 resistance level, which represents the best result since July. Now that the price is trading above the 200 and 100 EMAs, the momentum is clearly favoring the bulls. The high volume of purchases suggests that there is strong confidence in <a href="https://u.today/dogecoin-doge-skyrockets-in-key-metric-with-1-billion-milestone" rel="noopener noreferrer nofollow">Dogecoin</a> even though the Relative Strength Index indicates that the cryptocurrency is approaching overbought levels. Whale purchases could further stabilize DOGE's price and drive it toward the next major resistance level, which is located around $0.14 if they continue in such large quantities.&nbsp;
Technical strength plus whale activity raises the possibility of a longer-term trend reversal. Conversely, there is a chance that DOGE's price will drop precipitously if significant sell-offs occur after this whale activity. The price may retrace to its prior support levels around $0.11 or $0.10 if it is unable to stay above the $0.12 barrier. For the time being, though, it seems less likely that there will be a significant retracement given the current bullish signals.

9.4 Billion Dogecoin (DOGE) in 24 Hours Breaks Record

U_Today

Other articles published on Sep 27, 2024

Fractal Bitcoin Addresses Block Filling Issue, Explains Impact of Bitcoin Mainnet Mechanisms

Bolivia reports 100% rise in virtual asset trading since lifting Bitcoin ban

Base’s total value locked crosses $2 billion for the first time amid sustained user activity

Binance Announces Worldcoin (WLD) Perpetual Contract Amid 27% Price Surge

Invest $100 in These 3 Low-Cap Tokens Now to Turn It Into $1 Million by 2026

Shiba Inu’s SHI Stablecoin Set To Rival USDT, SHIB Up By 13%

Join our free newsletter for daily crypto updates!