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Dogecoin (DOGE) Whales Waking Up

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Wed, 15/05/2024 - 13:06
Dogecoin (DOGE) Whales Waking Up
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Dogecoin whales are finally waking up, as IntoTheBlock's indicators suggest. With the return of buying power on the market, DOGE might receive a necessary boost.

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The first chart shows DOGE/USDT on the daily time frame. DOGE 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.

DOGEUSDT
Dogecoin/USDT Chart by TradingView

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 investors.

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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, DOGE 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).

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