Dogecoin (DOGE), the well-known meme crypto, has experienced a big uptick in whale trades , with more than $61 million changing hands in just a few days. This surge in big transactions happens alongside some brief price dips.
DOGE Whales Activate
Data from Whale Alert shows that on July 20, a whale moved 400 million DOGE worth about $50.33 million, from Robinhood to an unknown wallet. On July 23, another transfer happened – 77.65 million DOGE valued at around $10.82 million. These big moves suggest that major investors are more interested and might mean changes are coming in the market.
Dogecoin Price Struggles
As of writing, DOGE is trading at $0.1334 showing a drop of over 0.16% in the last day. Looking at the past week, its price has gone up by more than 5%.
Analysts predict $0.15 is a crucial level that DOGE needs to pass to hit new peaks. Crypto expert RLinda noted on TradingView that DOGE’s recent drop to about $0.106 might mean the coin still has support and could bounce back if it stays above $0.12.
Dogecoin is facing several levels of resistance. Analyst Ben Walther highlights three main hurdles: the long-term EMA200 trend line, a resistance line from April, and a significant support/resistance level at $0.128. Overcoming these could push DOGE towards the next resistance level at $0.165.
DOGE’s current mood is split, with technical signs showing it’s overbought on the daily chart. This leads the market to consolidate, which might set up a possible breakout if DOGE clears crucial resistance points.
Additionally, crypto analyst “Kev_Capital_TA” has noted a potential bullish signal for Dogecoin (DOGE), suggesting a “golden cross” might form in the next 2-3 weeks.
A golden cross occurs when the 50-week moving average surpasses the 200-week moving average, often indicating a long-term bullish trend.
Historically, this pattern led to an 18,000% price increase for DOGE in 2021. If a similar trend happens, DOGE’s price could reach around $23.40, though some experts are skeptical due to the current maturity of the crypto market and Dogecoin’s larger market cap.
Analysts Bullish On DOGE
Another crypto trader analyzed Dogecoin using the Vigor Index (RVGI), which tracks price momentum, strength and direction. The analysis revealed a shift from bearish to bullish momentum, indicating increasing buying pressure. This suggests that Dogecoin may be poised for a significant upward movement as buyers gain control.
Also, Dogecoin has hit a big milestone, with 90 million addresses now on its books, according to new data from IntoTheBlock. This jump in address numbers shows more people are getting interested in and using this well-known meme-based cryptocurrency.
Dogecoin may be poised for a notable parabolic move, though market conditions, investor sentiment, and other factors could impact its price.
 sees a surge in whale activity with over $61 million in transactions, as it struggles with resistance levels.){kind=link}