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Cryptocurrency News Articles
Dogecoin (DOGE) Breaks Through Major Resistance, Could Surge to $0.150 as Whales Influence Grows
Sep 27, 2024 at 08:22 am
Dogecoin (DOGE) has broken through a major resistance at $0.111 with over 62k addresses holding above 36 billion DOGE in their wallets.
Dogecoin (CRYPTO: DOGE) has shown strength past the $0.111 level, where 62,270 addresses now hold more than 36 billion tokens.
What Happened: Dogecoin has shown signs of strength as it trades above a key resistance level.
A recent X post by Ali highlighted how if DOGE can maintain this level, it could be setting up for a bullish breakout, with a target of $0.150 on the horizon.
"No major supply walls in sight, the path to $0.150 looks bright! Together, let us carry DOGE to new heights!"
Dogecoin Live Chart
DOGE Price Action: Over the last 24 hours, several large transactions took place, involving around 65.41 billion DOGE, showing an increase of 63%.
These large transactions are being closely monitored by many people in the market, as they could influence the price direction of DOGE.
Whales Influence: Notably, large addresses, also known as whales, collectively hold 41% of the total Dogecoin supply, enabling them to impact the market significantly.
Previously, high levels of whale activity have often preceded large price movements, indicating potential new shifts in the market.
The whale activity is highlighted by the large volume position, which suggests that a market shift may be approaching.
These large market participants are typically known to enter the market before significant price movements.
Afterwards, they initiate chain reactions in the market, leading to further price shifts in the cryptocurrency.
Social Buzz Picks Up: In line with the increasing whale activity, social volume has also been picking up for Dogecoin, indicating that more and more people are engaging with this digital asset.
Social volume captures the number of times a coin is mentioned on social media.
After remaining relatively flat for the last week, these conversations have picked up steam over the last three days, showing increasing engagement from other sections of the market.
Higher social volume tends to bring in new buyers, which in turn increases the demand for the asset.
Bearish Crossover: Despite the bullish signals, there are a few points of contention.
A key indicator used for identifying market momentum is the stochastic RSI, which has recently broken down from a bearish crossover.
This crossover is used to identify any short-term volatility corrections that DOGE may undergo before any major price rallies.
These corrections are commonly seen in the crypto market before a continuation of the previous trend.
So, while the increased whale activity and rising social engagement are bullish, the bearish crossover suggests that the market may still experience minor corrections.
People should not be alarmed by the short-term dips but can rather anticipate the rising values in the near future.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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