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Dogecoin is rapidly gaining traction as whale-tier transactions are on the rise, with 6.52 billion DOGE transacted in the last 24 hours. From a price perspective, Dogecoin is slowly moving in an uptrend, but it does not yet have enough conviction to break the upcoming resistance level of $0.174.
Hovering around $0.163 the daily chart of Dogecoin compared to Tether (USDT) shows slow growth from older lows. Moving averages like 50 and 100 are currently moving closer to the price and may act as support levels at any given moment.
Data from IntoTheBlock shows significant activity on major transactions. Large transaction volume has varied over the past week, peaking at 1,046 transactions on May 29, 2024, a seven-day period.
Gamza KhanzadaevThough there was a notable decline to a seven-day low of 718 transactions on June 2, 2024, it rebounded to 975 transactions on the final day. This increase in significant transactions indicates that major market participants are becoming more interested.
Similarly astounding is the volume of these major deals. The volume reached 6.52 billion DOGE in just the last day and, on May 29, 2024, it reached a seven-day high of 8.65 billion DOGE. June 2, 2024, marked the lowest point at 4.06 billion DOGE. This increase in transaction volume may be a sign of a large holder accumulation phase which frequently precedes notable price movements.
Arman ShirinyanWith a weekly peak of $1.44 billion on May 29, 2024, the largest transaction volume in terms of USD value over the last 24 hours was $1.04 billion. On June 2, 2024, it was a volume of $726. Twenty-four million was the lowest ever recorded.
When Dogecoin encounters resistance at $0.174, it will take some serious purchasing pressure and ongoing optimism to break this level. Higher price targets and further confirmation of Dogecoin's bullish trend may be possible if it can overcome this resistance.
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