Dogecoin Price Gains Momentum as Whales Dive In, Is $0.3 Next Stop?
Highlights
- The recently breached $0.2 sets the DOGE price for a prolonged uptrend.
- An upswing in daily EMAs(20, 50, 100, and 200) reflects a high momentum rally.
- The 24-hour trading volume in Dogecoin is $4.02 Billion, indicating a 36% loss.
Dogecoin Price Prediction: Defying the current market correction, the Dogecoin price witnessed an aggressive rally in the fourth week of March. From the bottom of the last correction at $0.122, the coin price surged 78% to reach the current trading price of $0.21. This rally recently breached the last swing high resistance of $0.2, signaling the potential for higher recovery.
Also Read: Dogecoin: Whales’ 1.8 Bln DOGE Move Ignites Uproar As Price Rallies, What’s Next?
Whales Buy $280M in DOGE, Fueling a Robust V-Recovery
Amid the Bitcoin price recovery from $60000, Dogecoin rebounded from the combined support of the 50-day EMA and 61.8% Fibonacci retracement level. This V-shaped reversal backed by a notable surge in the volume reflects a high momentum buying and memecoin enthusiast.
In a recent observation made by the renowned trader @alicharts, Dogecoin has seen significant interest from large-scale investors, commonly referred to as ‘whales’.
Over the past two weeks, these whales have accumulated approximately 1.40 billion DOGE, equivalent to a staggering $280 million investment. This activity suggests robust confidence from high-net-worth individuals in Dogecoin’s future market performance.
#Dogecoin whales have purchased 1.40 billion $DOGE over the past two weeks, worth around $280 million! pic.twitter.com/zswuyRpuLG
— Ali (@ali_charts) March 29, 2024
Also Read: Dogecoin Price Rallies 20%: Key Reasons Behind DOGE’s Recent Jump
DOGE Soars Beyond $0.20 as Rounding Bottom Pattern Emerges
On March 28th, the DOGE price gave a massive breakout from $0.206 resistance to hit a 28th-month high of $0.2288. However, with an intraday loss of 2.4%, the coin price is likely to retest the breached resistance and potential support.
Susutiantin breakout should bolster buyers to chase a potential target of $0.27, followed by $0.3.
The broader chart analysis reveals that Dogecoin’s price trajectory is forming a rounding bottom pattern, indicative of a gradual and steady shift from a downtrend to an uptrend, characterized by a U-shaped recovery that suggests long-term sustainability.
Technical Indicator
- Exponential Moving Average: The 50-day EMA acts as suitable support during market corrections.
- Relative Strength Index: The RSI slope stretching above 70% the buyers are aggressive and ready to buy this asset at a premium.
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