In a dramatic turn of events, Dogecoin (DOGE) has seen massive whale activity, with large investors purchasing an additional 160 million DOGE in the past 24 hours. This surge in buying pressure comes amid a notable price rally, with Dogecoin experiencing an incredible 350% rise over recent years. The meme coin has attracted attention from both retail and institutional investors, establishing itself as a strong performer in the crypto space. Now, netizens expect DOGE price to $1 soon owing to the growing demand.
Dogecoin Price Technicals Indicate Bullish Sentiment
Recent analysis of Dogecoin price chart points to the potential formation of a double-bottom pattern, often considered a sign of bullish market sentiment. A double bottom occurs when an asset’s price dips to a low point twice, forming a “W” shape on the chart. The pattern suggests that selling pressure is easing and buyers may be stepping in, signaling the possibility of a price increase.
For Dogecoin, the two low points were found at around $0.37, with the price rebounding each time it tested this level. After the second bounce, DOGE surged past the key resistance level of $0.46, which is often seen as the neckline in a double-bottom setup. This breakout indicates a potential continuation of the bullish trend, setting the stage for further price gains.
Whales bought another 160 million #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/FLr6XL3rMi
— Ali (@ali_charts) December 13, 2024
Currently, DOGE price is holding strong above the neckline, with its price hovering at $0.4074 despite slight market corrections over the past week. The cryptocurrency’s bullish momentum has been further supported by the performance of other meme coins such as SHIB, PEPE, and BONK, as well as Bitcoin’s price remaining above $100K. These factors are expected to positively influence Dogecoin’s price, potentially pushing it closer to the coveted $1 mark.
If the positive trend continues, Dogecoin could soon breach the $0.50 resistance level, followed by a move towards its all-time high (ATH) of $0.7376. The psychological $1 target remains a key milestone for DOGE, and if the market dynamics remain favorable, the coin could reach this landmark in the coming months.
The Other Side
However, not all signals are positive. The Moving Average Convergence Divergence (MACD) indicator has shown signs of diminishing bullish momentum, with the histogram indicating a decline. Despite this, the Chaikin Money Flow (CMF) remains in positive territory, suggesting continued capital inflows, which could help sustain DOGE’s recent rally.
In the event of increased bearish pressure, Dogecoin might retrace to lower support levels, with $0.40 and $0.35 being potential zones of interest. These critical levels could dampen the recent optimism surrounding DOGE’s performance.
Also Read: Will Dogwifhat Price Hold $2 Floor Amid Whale Selling Pressure
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