Dogecoin (DOGE) has been making waves with substantial whale activity over the past 24 hours. Large investors have acquired 160 million DOGE, sparking renewed market interest and optimism for the cryptocurrency’s future. This surge in whale accumulation aligns with Dogecoin’s steady upward trajectory, fueling speculation about its potential to hit the highly anticipated $1 milestone.
Whale Activity Signals Growing Market Confidence
According to a post by crypto analyst Ali Martinez, DOGE whales recently purchased 160 million DOGE, significantly boosting market sentiment. This buying spree comes as Dogecoin broke through the critical $0.46 resistance level, a key indicator of bullish momentum. Analysts now set the next price targets at $0.50 and the previous all-time high (ATH) of $0.7376, achieved during the 2021 crypto boom.
Whales bought another 160 million #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/FLr6XL3rMi
— Ali (@ali_charts) December 13, 2024
Bullish Technical Indicators Point to Further Gains
Technical analysis reveals a bullish outlook for DOGE. The Moving Average Convergence Divergence (MACD) shows recovery, with the MACD line crossing above the signal line—a strong bullish signal. Additionally, the MACD histogram reflects reducing bearish strength, hinting at a potential price surge.
The Relative Strength Index (RSI) for DOGE stands at 47.91 on the 4-hour chart, suggesting a neutral trend and a balance between buying and selling pressures. Dogecoin’s consolidation around $0.408 indicates that buyers are gaining control, increasing the likelihood of a bullish breakout.
Double-Bottom Pattern Suggests 85% Rally Potential
A double-bottom pattern, a classic bullish formation, has emerged in Dogecoin’s price chart. This pattern, which creates a “W” shape, signifies decreasing selling pressure and increasing buying momentum. Solidified around the $0.37 support zone, Dogecoin has since rallied past $0.46, signaling the possibility of an 85% surge that could push the price beyond its previous ATH.
Market Outlook and Current Performance
At press time, DOGE trades at $0.41, up 2% in the past 24 hours, with a trading volume of $3.52 billion. While trading volume has decreased by 27%, the consistent price rally and whale activity underscore Dogecoin’s growing market strength.
As Dogecoin eyes the $1 milestone, continued whale accumulation, bullish technical indicators, and strong community support could solidify its position as a top contender in the next market rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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