Dogecoin whales are finally waking up, as IntoTheBlock indicators suggest. With the return of purchasing power in the market, DOGE could receive the necessary increase.
Dogecoin whales are finally waking up, as IntoTheBlock indicators suggest. With the return of purchasing power in the market, DOGE could receive the necessary increase.
The first chart shows DOGE/USDT on the daily time frame. DOGE is trading around $0.1492, showing a relatively stable consolidation pattern. The price is currently at several key moving averages:
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50-day EMA: Currently acting as a resistance level around $0.1652. A break above this level could signal the beginning of a bull market.
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100-day EMA: This line provides support around $0.1434, suggesting that DOGE has a cushion against further declines.
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200-day EMA: At $0.1237, this serves as an important long-term support level.
The volume profile shows some activity but not significant activity. The RSI is at 46, suggesting that DOGE is in a neutral zone, neither overbought nor oversold, leaving room for potential price movements in either direction.
IntoTheBlock charts provide additional information. Over the past month, there has been a notable increase in the number of large transactions, reaching a high of 1.86 thousand transactions on May 14, 2024. This increase in large transactions indicates increased activity by large holders or investors institutional.
The volume of these large transactions also saw a significant increase, reaching 11.55 billion DOGE on the same day. This increase in large transaction volume suggests a substantial movement of DOGE tokens, likely reflecting the strategic positioning of the whales.
Bullish Scenario: If increased whale activity generates substantial buying pressure, DOGE could surpass the 50-day EMA at $0.1652, targeting higher resistance levels around $0.18 and 0. $20.
Bearish Scenario: Conversely, if whales are dumping their holdings, DOGE could face selling pressure, leading to a test of the support levels at $0.1434 (100-day EMA) and $0.1237 ( 200 day EMA).
