2 Billion Dogecoin Purchased by Whales Over Past Week
Dogecoin (DOGE) Accumulation and Price Movement
- Whales accumulated 2 billion DOGE worth $500 million over the past week.
- This buying activity resulted in a 17% price surge during the same period.
- Current trading price of DOGE is approximately $0.24, with a 3% decline in the last 24 hours.
- Recent whale purchases included 230 million DOGE in one day, contributing to an 8% price increase.
- Market cap for DOGE has increased by $5.5 billion, totaling $36.38 billion.
Technical Analysis
- A Golden Cross formed between the 50-day and 200-day EMAs, indicating a potential end to a five-month bearish trend.
- The RSI suggests moderately bullish momentum without being overbought.
- A breakout above the $0.26 resistance could lead to targets of $0.30 and $0.32.
- DOGE price is nearing the upper Bollinger Band, signaling possible breakout if buying pressure continues.
- The MACD indicates strong bullish momentum but shows early stages of movement.
- If DOGE falls below the $0.22 support, a retest of $0.20 may occur, necessitating buyer defense to maintain bullish sentiment.
DOGE Golden Cross formation in early August | Source: Trading View
DOGE price chart with RSI and Bollinger Bands | Source: Trading View
DOGE price chart with MACD | Source: Trading View