The crypto market is facing a state of uncertainty, leaving investors on edge. Bitcoin and Ethereum are showing signs of volatility, but Dogecoin is grabbing attention.
Cryptocurrency Analyst Ali Martinez from Blockware Solutions has reported that an impressive 100 million DOGE tokens have been acquired by whales within the last 24 hours. This accumulation follows another massive purchase of 750 million DOGE tokens that occurred during a recent dip in the market.
The large-scale acquisition of Dogecoin by whales is a promising sign of their confidence in the meme coin. This news comes amidst efforts to expand Dogecoin's utility within payment systems and e-commerce platforms, which could contribute to its long-term value.
In another development, Neptune Digital Assets, a Canadian blockchain company listed on the TSX Venture Exchange, has made a strategic purchase of 1 million DOGE tokens, valued at approximately $270,000. This marks the second time a publicly traded company has purchased Dogecoin, following Spirit Blockchain, another digital asset company.
Dogecoin Price: Key Levels and Potential Targets After a recent sharp drop, Dogecoin has managed to hold above the $0.20 level and is now at a critical stage to determine its next move.
If Dogecoin can continue its upward momentum, it will face a key resistance at $0.342. A break above this level could confirm the possibility of a rally. If this resistance is overcome, the next target would be $0.60. The next resistance levels are at $0.77 and $0.84.
However, if Dogecoin fails to break above the $0.342 level, there is a risk of further downside. In a worst-case scenario, a drop below $0.19 could lead to a deeper correction, with $0.17 being a critical level.
An analyst also pointed out that while meme coins are struggling right now, DOGE is looking strong. And after analyzing the Elliott Wave, he said that there's a big ABC pattern forming on both the USD and BTC pairs, which could lead to a 2-3x price increase soon.
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