Large Investors Are Actively Buying the Dip in Dogecoin (DOGE) as It Remains in a Critical Price Range

Whale accumulation has increased in March, with over 220 million DOGE acquired. Analysts believe this trend could push Dogecoin toward higher price levels

Large investors, commonly known as whales, have been actively buying Dogecoin (DOGE) as it remains in a critical price range, aiming to push it toward higher levels.

According to on-chain data, several large investors have purchased a large volume of the meme coin in the last one month.

The post Whales Continue Buying Dogecoin As It Faces Key Resistance At $0.18 And $0.21—Is A Long-Term Price Target Of $0.6533 In Sight? appeared first on ADVFN.

According to Ali Charts, over 220 million DOGE were bought by whales in March.

Such a level of accumulation shows that high net worth investors are bullish on the stock despite price volatilities in the recent period.

Whales play a crucial role in cryptocurrency markets by influencing liquidity and price movement. When large investors accumulate assets, it often signals that they expect future price appreciation. The recent Dogecoin purchases suggest that institutional and retail investors are positioning themselves for a potential price increase.

Moreover, whale activity can lead to lower selling pressure, reducing volatility and creating a more stable price range. If this trend continues, it could contribute to a bullish breakout in Dogecoin’s price.

Dogecoin’s Key Resistance Levels At $0.18 And $0.21

Dogecoin is facing strong resistance at the $0.18 and $0.21 levels. These are critical price points based on historical trading activity. Data from the UTXO Realized Price Distribution (URPD) shows that around 8% of the total DOGE supply was last transacted at $0.18, while 7% was acquired at $0.21.

These levels can be considered as important supply zones. There are numerous people who have invested in DOGE at such prices and may wish to sell it back when the price returns to such a level. This could also lead to the formation of certain barriers that would limit any further upward mobility.

But if its price rises beyond these levels, experts are convinced that the price movement could be pushed into the next phase of the bullish run.

Based on the technical analysis, it is possible that increasing the price beyond those levels described could lead to further targets. Based on the retracement levels obtained from the Fibonacci levels, Dogecoin could reach $0.33 if $0.21 is crossed. Such a move would open the path to more upward movement, which is in line with analysts’ expectations.

Dogecoin Long-Term Price Target Set At $0.6533

Analyst Javon Marks notes that Dogecoin’s price movement has set a long-term target of $0.6533. It represented a potential increase of over 270% from its current value. This target is based on historical price patterns and technical analysis indicators.

Another observation made from the technical analysis shows that the Dogecoin has been trending higher lows, implying more buying pressure. This could persist to increase the price of DOGE to higher levels after reaching some milestones. Chaikin Money Flow measures the amount of buying and selling pressure. It will also be important in identifying the sustainability of this trend.

Some analysts are expecting further growth of Dogecoin and its price, pointing out that its 2021 rally is a model for further growth. At that time, Dogecoin had risen from the low point to get to its highest value of $0.73. Moreover, despite the current market situation, the accumulation of whales and technical signals suggest an optimistic outlook for another significant price increase.

In the case where broader market sentiment remains favorable, Dogecoin could experience more demand from both individuals and other investors. However, it has been noted that the key levels must be crossed to reach these milestones, as various analysts have described.