Dogecoin Whales Make a Massive Move, Buying 210 Million DOGE During Price Dip

Dogecoin’s price could surge to $0.5 by Christmas as whales bought 210 million DOGE during a recent price dip. With both retail and institutional sentiment

Dogecoin (CRYPTO: DOGE) price soared 7.3% over the past 24 hours to $0.421006.

Over the past seven days, DOGE price rose 20.2%, while over the past 30 days, it gained 3.3%.

The meme cryptocurrency price moved in tandem with the broader cryptocurrency market, which saw a capital outflow of $500 million over the past 24 hours.

As of press time, the total cryptocurrency market cap stood at $1.13 trillion, marking a 0.04% decrease.

The total crypto market volume over the past 24 hours amounted to $66.46 billion, indicating a 32.27% decrease.

Dogecoin Price Analysis: A Closer Look At Key Technical Indicators

Dogecoin price action over the past few days has signaled bullish momentum, which could lead to further price increases.

A key technical indicator, the MACD indicator, showed a bullish crossover on Dec. 13, which is often interpreted as a bullish sign.

This crossover occurs when the MACD line, which measures the difference between the 12-day and 26-day exponential moving averages, crosses above the signal line, which is a 9-day exponential moving average of the MACD line.

This crossover suggests that bullish momentum is building up in the market. As seen on the price chart, this bullish crossover is also accompanied by a strong rebound in Dogecoin price.

Another bullish sign is the series of higher lows in Dogecoin's price structure. This price action suggests that bulls are stepping in at lower prices, creating a "staircase" effect.

This bullish price structure, coupled with the MACD crossover and price rebound, indicates that the recent pullback in Dogecoin price may have concluded.

Collectively, these technical indicators are hinting at a potential bullish continuation in Dogecoin price.

As the market largely anticipates, this could lead to further price surges in the coming days or weeks.

The Good Block Capital team noted that, "After a steep sell-off, the market is showing bullish signs as indicated by the higher lows and bullish MACD."