Price Analysis

Dogecoin Price Gains Momentum as Whales Dive In, Is $0.3 Next Stop?

Dogecoin Price Prediction: Amid healthy correction, the Dogecoin price witnessed active whale accumulation accelerating the current recovery trend.

Published by

Sahil Mahadik

Updated 06 Sep, 2024 | 08:58:20 AM UTC

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

Dogecoin Price| Tradingview

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.

Also Read: Dogecoin Price Rallies 20%: Key Reasons Behind DOGE’s Recent Jump

DOGE Soars Beyond $0.20 as Rounding Bottom Pattern Emerges

Dogecoin Price| Tradingview

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.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Updated 06 Sep, 2024 | 08:58:20 AM

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