The first meme coin in the crypto industry developed by Jackson Palmer, Dogecoin (DOGE), has returned to the public spotlight after the increasing action of large investors or commonly called whales.
The first meme coin in the crypto industry, Dogecoin (DOGE), which was developed by Jackson Palmer, has once again become the public's talking point following the increasing action of large investors, commonly known as whales. Recent data shows that large owners with 10 million to 100 million DOGE have significantly increased their accumulation in recent weeks.
It is recorded that around 210 million DOGE, or the equivalent of more than US$84 million or Rp1.34 trillion, has been purchased by a number of large investors. This activity reduces DOGE's availability in the open market, which often has a stabilizing effect or even drives the increase in coin prices.
From a technical perspective, AMB Crypto's analysis assesses the current DOGE price graph in a two-hour span of bullish trends. The ever-increasing lowest position pattern indicates consistent purchasing power.
DOGE prices have returned to levels above Rp6,400, having previously crossed important points at Rp5,280 and Rp5,760. This pattern underscores that purchasing pressure manages to overcome selling pressures in the market.
However, DOGE had entered a phase called Liquidity Sweep, where prices fell temporarily down Rp5,760 before going back up. This phase tests shoppers' resilience in the market. The demand zone (Demand Zone), which was previously a low consolidation area, now acts as a strong floor to push DOGE prices towards 0.5 US dollars or Rp. 8,000 before correcting.
This optimism is also reinforced by the Moving Average Convergence (MACD) indicator. There is an intersection of the bullish line, where the MACD line goes beyond the signal line, indicating a potential momentum increase continues. If this trend continues, DOGE is likely to cross Rp. 8,000, which is the highest level before the final correction.
Even so, analysts continue to remind that the bearish market can pose its own risk to DOGE's performance. However, rising whale activity and resistance signals from technical analysis are a strong reason for Dogecoin's prospects in the near future.
At 13:25 WIB, Friday, December 13, Dogecoin was trading at IDR 6,524 per coin. DOGE's price performance slumped 2.4% in the last 24 hours according to CoinGecko data. Currently DOGE ranks seventh in the list of the top 10 crypto assets based on market caps.
