The first meme coin in the crypto industry developed by Jackson Palmer, Dogecoin (DOGE), has returned to the public spotlight
The first meme coin in the crypto industry, Dogecoin (DOGE), is back in the spotlight following the increasing activity of large investors, also known as whales. Recent data shows that large owners with 10 million to 100 million DOGE have significantly increased their accumulation over the past few weeks.
According to available information, several large investors have purchased approximately 210 million DOGE, valued at over US$84 million or Rp1.34 trillion. This activity, which reduces the availability of DOGE in the open market, often has a stabilizing effect or even contributes to driving up the coin's price.
From a technical perspective, AMB Crypto's analysis over a two-hour period reveals a bullish trend in the current DOGE price chart. The pattern of successively higher lows indicates sustained buying pressure.
After crossing key levels at Rp5,280 and Rp5,760, the DOGE price has recovered to levels above Rp6,400. This price movement highlights the ability of buying pressure to overcome selling pressure in the market.
However, it's worth noting that DOGE briefly experienced a phase known as Liquidity Sweep, where the price dropped below Rp5,760 before recovering. This phase tests the resilience of buyers in the market. The previous low consolidation zone now serves as a strong floor to propel DOGE towards the 0.5 US dollar (around Rp8,000) level before facing correction.
This optimism is further supported by the Moving Average Convergence (MACD) indicator, which shows a bullish intersection where the MACD line crosses above the signal line, indicating the potential for continued momentum build-up. If this trend continues, we can expect DOGE to cross Rp8,000, which was the highest level before the final correction.
Despite the optimism, analysts caution that the bearish market does pose a risk to DOGE's performance. However, the increasing whale activity and technical resistance signals provide a strong rationale for considering Dogecoin's prospects in the upcoming period.
At 13:25 WIB on Friday, December 13, Dogecoin was valued at Rp6,524 per coin. According to CoinGecko, the DOGE price experienced a decline of 2.4% over the past 24 hours. Among the top 10 crypto assets ranked by market capitalization, DOGE currently sits in seventh place.
