Dogecoin whales have woken up. Price growth is near
There's a buzz around Dogecoin heavyweights as insights from IntoTheBlock highlight their anticipation for a rally similar to what Ethereum and the broader market have experienced. Significant players have ramped up their engagement, sparking hopes of an impending resurgence for Dogecoin, a development eagerly watched by all stakeholders.
Recent analytics have unveiled a spike in substantial Dogecoin dealings, with approximately 1.51 thousand hefty transactions amounting to about 6.83 billion DOGE over the previous day. Such an increase in activity is a positive indicator, suggesting that key investors are becoming increasingly involved. This kind of uptick in action is often a precursor to significant price movements, as well-capitalized investors play a pivotal role in shaping market trends.
Dogecoin has shown commendable stability and is on the verge of an upward trajectory, currently hovering at a trading value of around $0.1695. Presently, the price has stabilized at crucial resistance and support levels.
For a bullish trend to persist, it's critical for the 50-day EMA at $0.1588, and the 100-day EMA at $0.1570 to maintain their ground. On the higher end, the next significant resistance level is near $0.17. The RSI stands at 55.83, portraying a nearly balanced market sentiment, yet it leans towards potential upswings.
Ownership concentration among major investors: Dogecoin's supply sees 63% in the hands of these large account holders.
Transactions exceeding $100,000: The markets have observed weekly transactions surpassing $3.32 billion, indicating a robust surge within this period.
Further bolstering the optimistic forecast are promising on-chain metrics showing net network expansion and an upturn in sizable transactions. Nonetheless, the bid-ask volume discrepancy leans slightly bullish at just 1.42%, implying a stronger buying interest over selling momentum.
The strategic acquisition of value-priced coins by Dogecoin magnates could herald the beginning of a broader market upswing for DOGE.
