Dogecoin Big Move Incoming? Whale Adds 1.7 Billion DOGE
The post Dogecoin Big Move Incoming? Whale Adds 1.7 Billion DOGE appeared first on Coinpedia Fintech News
Amid ongoing market uncertainty, the largest Dogecoin (DOGE) whale has begun showing interest and making a big move. On March 10, 2024, a prominent crypto analyst shared a post on X (formerly Twitter), revealing that the largest DOGE whale has accumulated a significant 1.7 billion meme coins over the past three days.
Dogecoin Whale Eyes on Big Rally
This substantial accumulation by the largest whale was observed when the price of DOGE had fallen significantly, reaching a crucial support level. It also appears that a big move is on the verge of occurring. Following this massive accumulation, the meme coin has once again regained its crucial level and is showing signs of a further price jump.
Current Price Momentum
DOGE is currently trading near $0.174 and has recorded an 8% price drop in the past 24 hours. During the same period, its trading volume surged by 150%, indicating increased participation from traders and investors as the price reached a crucial support level.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE remains in a bullish condition and is near the crucial $0.18 level, which has a history of strong price reversals. Based on recent price action and historical patterns, if the meme coin holds this $0.18 level, there is a strong possibility that it could soar by 36% to reach $0.24 in the coming days.
Despite the ongoing price recovery, DOGE’s Relative Strength Index (RSI) remains low at 33, indicating that the asset lacks the strength to surge. However, if sentiment improves and accumulation continues, its strength could recover soon.
$63 Million Worth of DOGE Outflow
Besides the massive accumulation by the largest whale, data from Coinglass reveals that investors and long-term holders have moved $63 million worth of DOGE from exchanges in the past 24 hours, indicating potential accumulation.
When accumulation and outflows from exchanges begin to occur, it potentially signals a price increase rather than a decline.
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