Dogecoin (DOGE) Price Analysis: Will Whales Help Push the Price?
As a crypto enthusiast, you may have noticed a recent surge in Dogecoin (DOGE) prices, with the token bouncing back and reclaiming the key support of $0.15 in the past week. This surge has caught the attention of investors who may be wondering if now is the time to sell or hodl for further gains. Let’s take a closer look at how Dogecoin whales are attempting to pump the price and what this means for the future of DOGE.
Dogecoin Whales Bullishly Accumulating
- Large DOGE holders are increasing their supply by adding over 500 million DOGE, worth $77 million, in the last week.
- Addresses holding between 10 million and 100 million DOGE now have a total supply of 17.57 billion DOGE.
- Whales’ conviction in the future price rise is evident as they continue to hodl their positions instead of selling.
Network Participation Decline vs. Price Surge
- Despite the bullish price movement, the network is currently flashing a sell signal.
- Active addresses conducting transactions on the Dogecoin network have seen a decline from 67,000 to 52,000 in the last two months.
- This drop in participation is attributed to the lack of incentive for users to transact at current price levels.
DOGE Price Prediction: Bullish Momentum Ahead
- With Dogecoin’s price trading above the crucial support level of $0.15, the token has escaped a potential death cross scenario.
- The next target for DOGE is to breach the resistance at $0.17, which could pave the way for further gains.
- If the support at $0.15 holds, DOGE could see a monthly high, allowing investors to capitalize on profits.
Risks to the Bullish Thesis
- A loss of support at $0.15 could lead to a consolidation-decline phase for DOGE.
- Falling below $0.14 would invalidate the bullish outlook and could signal further downside for the token.
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