- DOGE’s recent surge, fueled by whales, indicates a potential bullish trajectory in the crypto market.
- Technical signals and whale activity suggest DOGE might repeat a historic golden cross pattern soon.
- The upcoming weekend could witness heightened activity for DOGE amidst a broader crypto market rally.
In the last 24 hours, the price of Dogecoin (DOGE) phas seen a striking increment of 3.5 percent, coming to a modern level of US$0.1515. The increment is a portion of a broader rally within the crypto market, which has risen 2.5 percent overall. This surge in DOGE’s esteem is especially notable considering its execution over the past week, where it has risen 14 percent.
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Despite recent success, DOGE faced challenges over the last month, witnessing a 20 percent drop in value. This downward trend has been reversed following reports that crypto whales have stolen large amounts of DOGE.
One of the most striking examples of this trend was a large transaction in which a large trader removed US$19 million of DOGE from the Robinhood trading platform. This whale activity could potentially lead to further price increases for DOGE shortly. Current market dynamics suggest that the coming weekend could be very active for this cryptocurrency.
Dogecoin’s RSI indicator, which is currently between 50 and 70, signals strong momentum. This occurs as soon as the RSI drops below 30, a marker that usually indicates oversold conditions. This technical indicator suggests that traders may expect a period of strength for DOGE, at least in the short term.
In addition to technical signals, transaction and ownership data reinforce the narrative of increased whale activity. Recent purchases and accumulation patterns suggest that the proportion of DOGE held by large-scale holders has been growing. Specifically, addresses holding between 100 million and 1 billion DOGE presently account for 21 percent of the whole circulating supply, up from 20.75 percent just over a week ago.
Furthermore, in a technical analysis of Dogecoin’s cost development, it appears that this cryptocurrency may be on the verge of an uptrend. Dogecoin looks set to repeat the bullish golden cross pattern that marked its surge in early 2021.
This upcoming Golden Cross is allegedly the first in the last three years. Where previously, seen in early January 2021, showed a four-month rally that saw the price jump more than 8,000 percent to a record 76 cents on Binance.
However, past data does not promise future results. This is especially true in the case of moving average crossovers, which tend to slow down prices and are known to trap traders on the wrong side in traditional markets. Additionally, meme coins like DOGE have no real-world use case and are largely driven by speculation, making them more sensitive to fiat liquidity conditions and global interest rate expectations.
During DOGE’s initial run in 2021, benchmark interest rates were near or below zero worldwide. This situation is triggering unprecedented risk-taking across financial markets. However, that is no longer the case, with the interest rate of the United States central bank, the Fed, at its highest level in recent years at above 5 percent.
The future of DOGE in the crypto industry seems promising, with renewed interest and positive indicators pointing towards potential price hikes. Despite facing obstacles and uncertainties, the cryptocurrency demonstrates resilience, propelled by whale activity and technical indicators, suggesting a bullish path ahead. Revisiting previous achievements such as the Golden Cross of 2021, DOGE remains a focal point for traders and enthusiasts, highlighting the enduring fascination with meme coins within the constantly changing crypto sphere.
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