Why Dogecoin Whales Are the Key to DOGE’s Potential $1 Run
Dogecoin (DOGE) whales reduced their holdings between November 20 and 23 — the same week the cryptocurrency reached yearly highs. The reduction in risk exposure caused the price of DOGE to fall to $0.36.
However, this is no longer the case as these key stakeholders have resumed buying. Here’s how this will impact Dogecoin’s future value.
Big wigs won’t let Dogecoin go without buying it
According to Santiment data, the balance of addresses holding between 1 million and 10 million DOGE fell to 10.39 billion on November 23, but has since risen to 10.59 billion.
This shows that Dogecoin whales have taken Weekend Advantagesaccumulating approximately 200 million coins. At DOGE’s current price of $0.42, this equates to a purchase value of $84 million. The accumulation of such whales usually indicates that selling pressure has eased.
Therefore, the surge in buying activity indicates The price of Dogecoin may rise A break above the current $0.42 level. If this is the case, then predictions that the meme coin could hit $1 could become a reality.
Additionally, the Average Directional Index (ADX) has been steadily climbing. ADX is a technical analysis tool that helps traders assess the strength of a trend, whether it is bullish or bearish.
When ADX exceeds 25, it indicates strong directional momentum. Conversely, readings below 25 indicate weakness. On the Dogecoin daily chart, ADX has surged to 68.00, indicating a significant uptrend. As the coin moves higher, this suggests DOGE prices may continue rise.
DOGE Price Prediction: $1 Is Still Viable
A closer look at the daily chart shows that Dogecoin’s price has encountered resistance at $0.43. This decline is one of the reasons Cryptocurrencies fail to rebound to $0.50. It’s also worth mentioning that trading volumes have declined, making the upward trend difficult to sustain.
Meanwhile, bulls appear to be defending the $0.36 area. if it continues DOGE’s value could climb Close to $0.48. In a highly bullish scenario, the Meme token may rally towards the $1 mark.
However, this may not happen if DOGE Whale decides to sell. Instead, the coin may drop to $0.32.
Disclaimer
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