Dogecoin Whales Drive Price Recovery
After hitting a yearly low of $0.057, Dogecoin has experienced a 20% recovery in its price. This recovery can be attributed to increased interest from whale investors, as indicated by on-chain data. On October 15, there were only 599 whale transactions for Dogecoin. However, on October 24, that number increased to 1,420, the highest since July 25.
The increase in whale transactions is seen as a bullish signal for the market. It indicates higher buying interest from large investors and boosts confidence among retail investors. Additionally, these large transactions provide liquidity and enable more efficient trading at favorable prices.
Bulls Still in Control with Mounting Buying Orders
With Dogecoin currently trading at a 60-day price peak, there is evidence of excess market demand. The Aggregate Order Books of 10 crypto exchanges show that there are active orders to buy 782 million DOGE coins, while there are only active sell orders for 740 million DOGE.
This indicates that the bulls still have control and could push for further price gains. When demand exceeds supply, sellers may need to raise prices to fill their orders, which supports an upward price trend.
Price Prediction: Road to $0.08?
The current indicators suggest that the Dogecoin price could rally toward $0.08. The Global In/Out of the Money data shows that a significant number of addresses bought DOGE at an average price of $0.075, creating potential resistance at the $0.075 territory.
If the bullish whales continue to buy Dogecoin, it is likely that the price will reach $0.08. However, if the price slips below $0.050, the bears may gain control. Strong support is expected around $0.060, but if that level breaks, a large price decline could occur.
Hot Take: Bullish Momentum for Dogecoin Continues
The recent increase in whale activity and market demand for Dogecoin suggest that the cryptocurrency’s price will continue to rise in the coming weeks. With renewed interest from large investors and mounting buying orders, the bulls remain in control. However, potential resistance at $0.075 and support levels at $0.060 and $0.050 should be closely monitored to gauge the future price movement of Dogecoin.
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