Category: Crypto News

Is DOGE Poised For $1 With Whales Making Big Moves

By Published On: April 11, 20242 min readViews: 2360 Comments on Is DOGE Poised For $1 With Whales Making Big Moves

Dogecoin, the premier meme-inspired cryptocurrency, recently witnessed a significant uptrend, breaking through crucial resistance markers. This bullish momentum was, however, short-lived. Presently, Dogecoin trades in a sideways pattern, hinting at a consolidation phase. This suggests a pause in its swift upward movement, possibly laying the groundwork for future gains. 

Dogecoin Price Prediction: Overcoming Market Fluctuations

Over the past 24 hours, Dogecoin price has seen a fluctuation in its market value. The cryptocurrency has experienced a minor decline of 0.79%. DOGE continues to trade around $0.1819, showing resilience in the market with a consolidated price recovery after earlier dips. 

Despite this slight downward trend, the digital currency maintains a market capitalization of $26.15 billion, holding its position as the 8th largest cryptocurrency by market cap. The trading volume for Dogecoin has surged by 28.54% within the same time frame, totaling $2.39B in trades. This indicates a significant increase in activity amongst traders. 

Dogecoin Price Prediction

Dogecoin has recently surged past the $0.1 mark, hitting highs over $0.2. This leap was followed by a period of consolidation, with prices hovering near $0.18. Current market trends, however, suggest a bullish outlook, indicating a potential upward trajectory for Dogecoin in the coming days.

Whale Activities Boost Dogecoin’s Market Dynamics

Whale Alert has reported significant activity in the Dogecoin market. Two large acquisitions were noted on the last day, totaling 201.41 million DOGE. 

A single transaction saw the acquisition of 121.41 million DOGE, valued at approximately $20.94 million. Another saw 80 million DOGE bought, with a value of $13.74 million. Both significant purchases were executed on Robinhood, a well-known trading platform in the U.S.

If Dogecoin maintains its position above the pivotal $0.18 mark, analysts predict a possible rise to $0.6 and even reaching the much-anticipated $1 milestone. This optimistic forecast is contingent upon Dogecoin navigating through major resistance levels and keeping up its momentum.

On the flip side, a descent below $0.18 could push Dogecoin down to a $0.15 support level, potentially indicating a shift to a bearish market. Subsequent support levels at $0.12 and $0.1 are crucial; falling beneath these could depress prices to around $0.09.

Technical indicators present a mixed picture; the Relative Strength Index (RSI), sitting just above the neutral 50 mark at 53.47, suggests that DOGE is neither overbought nor oversold, indicating a relative balance between buyers and sellers. 

Dogecoin Price Prediction| Source: Tradingview

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows the MACD line has recently crossed above the signal line, suggesting that the momentum could be shifting in favor of the bulls.

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