Dogecoin is unusual! Giant whales bought more than 300 million DOGE at the bottom, FXEmpire predicts: Dogecoin is expected to break through key resistance and trigger a new rising cycle?

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Today’s news comes from investing and FXEmpire
This news was published on February 22, 2024 Taiwan time
The title is Dogecoin is Unusual! Giant whales bought more than 300 million DOGE at the bottom, FXEmpire predicts: Dogecoin is expected to break through key resistance and trigger a new rising cycle?

Amid the recent volatility in the cryptocurrency market, billionaire Elon Musk’s beloved Dogecoin (DOGE) has experienced a thrilling roller coaster ride, with its price plummeting from a high of $0.908 to $0.0842. However, at the beginning of this week, the price of Dogecoin briefly broke through the key resistance of $0.089, showing that there is still strong bullish sentiment in the market.

The cryptocurrency market as a whole suffered a heavy setback on Wednesday, including Shiba Inu Coin, Pepe Coin and other dog meme coins, which all suffered double-digit losses. In such a market environment, DOGE was not immune, with the price falling by 10% in one day. However, what is concerning is that on-chain data shows that even when the market is generally bearish, a group of strategic whale investors still choose to buy at low prices instead of following the market selling trend.

According to Santiment data, as of February 12, the total balance of whale wallets holding at least 10 million Dogecoins reached 15.03 billion. By Wednesday, this number had increased to an astonishing 15.34 billion coins, meaning that in the past ten trading days, these crypto whales purchased a total of 340 million Dogecoins, with a total value of approximately US$25.8 million.

This continued buying behavior reflects the whale’s optimistic expectations for the future trend of Dogecoin, believing that its price is expected to rebound to above $0.10 in the near future. FXEmpire analyst Ibrahim Ajibade’s analysis based on on-chain data pointed out that the massive buying of giant whales may push the price of Dogecoin back to the leading position and retest the price of $0.10 in the next few days.

However, one of the big challenges facing Dogecoin right now is that it must break through a key resistance level near $0.089. The current price is $0.083, which is just above the 20-day moving average of $0.082, indicating that the bulls remain in control. If Dogecoin is able to break above the upper Bollinger Band selling pressure at $0.089, it could trigger an expected upward breakout, pushing the price further to $0.1.

Despite bullish expectations, bears could regain the upper hand if Dogecoin breaks below the $0.07 support for the first time in 2024. However, support at $0.074, as indicated by the lower Bollinger Bands, could provide significant buying support for the price, posing a strong challenge.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. Whale buying behavior: According to Santiment data, whale wallets holding at least 10 million Dogecoins added 340 million Dogecoins in just ten trading days, showing that there is strong capital in the market of investors are optimistic about Dogecoin’s future. In the past, whale buying often heralded rising prices, because large amounts of buying could push up prices and attract more follow-up buying, forming a positive price cycle.

2. Breakthrough of key resistance level: The article mentioned that Dogecoin once broke through the key resistance of $0.089, which is a clear signal of bullish sentiment in the market. In the cryptocurrency market, breaking through key resistance levels often attracts more buyers to the market, pushing the price even higher. This breakout behavior shows that even in the context of overall market decline, Dogecoin is still able to attract buyer support, demonstrating its unique market resilience.

3. Support from Technical Indicators: Dogecoin’s price is slightly above the 20-day moving average at $0.082, which is a technical indicator for a bullish market. In technical analysis, price above a moving average is often considered a sign of an uptrend. In addition, if Dogecoin can break through the selling pressure of $0.089 above the Bollinger Band, it will likely trigger the expected upward breakthrough, further enhancing bullish expectations.

Overall, Dogecoin (DOGE) market performance has been positively impacted by whale buying and Elon Musk attention, coupled with a successful breakout of key resistance levels and favorable technical indicator support, showing that its price is poised for further gains rise. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments of Dogecoin.