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Dogecoin whales' activity is a the strong rise, following the breakthrough of the 100 EMA. As soon as the meme coin broke through the technical threshold, the activity of the whales surged substantially.
A robust correlation has been observed in the latest data and charts between the rise in large transactions by whales and Dogecoin's price movement. The quantity of large transactions, as well as their overall volume, clearly increased when Dogecoin's price reached $0.13.
The amount of 1,030 large transactions totaling a whopping 6.84 billion DOGE were made on Dogecoin in the last day. Large holders appear to be either redistributing their holdings or getting ready for bigger market movements based on this activity.
Arman ShirinyanThe correlation observed between the increase in whale activity and the Dogecoin price indicates that whales are essential to the current dynamics of the market. It is possible that many traders, including these large holders, received buy signals as the price crossed the 100 EMA, a crucial technical indicator. This surge in activity may be interpreted as both a cause and an effect of the recent price increase.
The data suggests a few possible outcomes for Dogecoin's future. A sustained bullish trend may be indicated, and more buying interest may be drawn if the price stays above the 100 EMA and approaches breaking the 200 EMA. It is important to keep an eye on the support levels offered by the 50 EMA ($0.127), 100 EMA ($0.133) and 200 EMA ($0.128).
Dogecoin may stabilize and possibly reach higher resistance levels around $0.15 if it stays above these levels. However, Dogecoin, may experience downward pressure if the number of large transactions declines and the price is unable to stay above these moving averages. It appears that the market is holding out for clearer signals as the RSI shows a comparatively neutral zone.
Alex Dovbnya
