Meme Cryptocurrency Dogecoin Sees Increased Whale Activity Amid Bearish Pressure
Whale activity in Dogecoin (DOGE) has been on the rise recently, despite facing short-term bearish pressure. Data from Whale Alert shows that over $61 million worth of DOGE tokens have been moving in recent days. For instance, on July 20, 400 million DOGE, valued at around $50.33 million, was transferred from Robinhood to an undisclosed wallet. Similarly, on July 23, another 77.65 million DOGE, worth approximately $10.82 million, was also moved from Robinhood to an unknown wallet.
Key DOGE Price Levels to Watch
To gain insight into DOGE’s potential trading patterns, crypto analyst RLinda on TradingView highlighted some key price levels to monitor on July 23:
- Market Bottom: The range between $0.10 and $0.05 is considered DOGE’s market bottom, with strong accumulation seen in this area, particularly during the spring price movement.
- Trend Analysis: The recent retest around $0.106 indicates bullish determination to maintain control, suggesting positive medium-term prospects.
- Resistance Levels: If bulls can hold above the $0.126 to $0.12 support levels, the market is likely to retain its bullish phase, potentially leading to a breakout to all-time highs.
Technicals Point to Bullish Momentum in DOGE Price Movement
According to RLinda, Dogecoin’s price on the daily chart is breaking through the trend resistance of the wedge pattern, indicating a potential rally towards $0.1437. Maintaining defenses above the support levels at $0.126 to $0.12 is crucial for sustaining the current bullish momentum. The analyst suggests that investors keep an eye on key resistance levels at $0.1437 and $0.1657, while monitoring support levels at $0.126 and $0.12 for potential price movements.
Market Sentiment and Outlook
Despite the challenges, DOGE is aiming to surpass the $0.15 mark, with market sentiment indicating a possible new record high if this level is achieved. The increased whale activity in DOGE could signal growing interest in the cryptocurrency, potentially leading to a positive outcome backed by technical analysis. The market consensus suggests a bullish trend, with a potential rally towards new price zones of interest in the near future.
Hot Take: Stay Alert for DOGE’s Price Movements
As a crypto enthusiast, keeping a close watch on Dogecoin’s price movements and key support and resistance levels can provide valuable insights for potential investment decisions. With increased whale activity and bullish momentum, DOGE’s price trajectory could see significant movements in the coming days, prompting investors to stay cautious and attentive to market developments.
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