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4,720,000,000 DOGE Bought in 2 Weeks: Are Whales Fueling a Rally?

DOGE price chart

Over the previous two weeks, massive Dogecoin holders have added 4.72 billion DOGE to their wallets. The transfer has drawn consideration, as the worth of the OG meme coin has stayed principally unchanged throughout this era.

Market watchers are actually observing whether or not this regular shopping for may sign the beginning of a new upward development.

Large Holders Increase DOGE Positions

Data reveals that wallets holding between 100 million and 1 billion DOGE elevated their complete holdings from roughly 27.6 billion to 32.4 billion tokens. This change suggests elevated exercise amongst bigger market gamers, sometimes called “whales.” The figures had been posted by analyst Ali Martinez, who tracked the modifications throughout these pockets teams.

Despite this accumulation, the worth of DOGE has remained principally flat. At the time of writing, Dogecoin trades at $0.176, with a 24-hour buying and selling quantity of $2.01 billion. Over the previous seven days, it has risen by about 7%.

Key Levels and RSI Movement Suggest Market Strength

Another chart, shared by Trader Tardigrade, shows DOGE returning to a assist zone between $0.16 and $0.17. This degree served as a robust base earlier this yr and is now being examined once more. The worth seems to be holding in this space for now.

At the identical time, the Relative Strength Index (RSI), a software used to measure momentum, has damaged via a downward development. This sign beforehand appeared in June, simply earlier than DOGE moved greater. If the present RSI shift results in stronger worth motion, merchants may even see the beginning of a new upward part.

Furthermore, on a broader timescale, charts shared by the identical analyst present Dogecoin buying and selling inside a rising channel throughout previous market cycles. Each one has included small worth breaks above the channel earlier than returning inside and later transferring greater. These patterns had been seen in each 2017 and 2021.

DOGE price chart
Source: Trader Tardigrade/X

Currently, DOGE seems to be repeating this construction. It remains to be inside the channel, with brief bursts above it. While this implies it might be in a part of accumulation, a clear breakout with robust quantity could be required for affirmation of any new development.

Higher Lows Continue to Form as Price Builds Support

According to a chart from Javon Marks, DOGE is continuous to kind greater lows. This is a signal that the worth is being supported at more and more greater ranges. The chart additionally reveals the coin consolidating beneath its all-time high of over $0.70.

The put up suggests that, “as these Higher Lows (HL) maintain for $DOGE,” the asset may transfer towards a 311% acquire to achieve its earlier high. This setup relies on earlier cycles the place related buildings led to massive worth strikes.

In addition to market exercise, the Bitwise spot DOGE ETF is now underneath a 20-day overview interval, as beforehand reported. If authorised, it will grow to be the primary Dogecoin ETF in the US market.

The put up 4,720,000,000 DOGE Bought in 2 Weeks: Are Whales Fueling a Rally? appeared first on CryptoPotato.

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