Time to Buy DOGE? Whales Buy 470 Million Dogecoin
Amid the ongoing market recovery, the future looks promising for Dogecoin (DOGE) as whales show strong interest and confidence in the world’s largest meme coin.
Whale purchased 470 million DOGE
On January 11, 2024, a well-known cryptocurrency expert posted on X (formerly Twitter) that crypto whales purchased 470 million DOGE in the past 48 hours.
Looking at DOGE’s daily chart, it appears that this significant purchase of DOGE occurred between the $0.314 and $0.355 levels. This data suggests that the current price range could be an ideal opportunity to add or purchase more meme coins.
Current Price Momentum
Currently, DOGE is trading close to $0.334, with the price surging more than 4.5% in the past 24 hours. Its trading volume has increased by 15% during the same period, indicating that more investors and traders are getting involved with the coin as market sentiment appears to be quietly improving compared to the past few days.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
However, dog Find support at the key $0.31 level and prepare for upward momentum. Historically, meme coins have bounced off this support level multiple times, witnessing significant upward momentum each time. This time around, experts and analysts are speculating a similar outcome for DOGE, which explains the reason behind the 470 million accumulation.
According to expert technical analysis, DOGE is currently facing minor resistance at $0.34 and appears to be struggling to break above this level. Based on the recent price action, if DOGE breaks this resistance and closes the daily candle above $0.345, there is a good chance that it will rise by 15% to reach $0.40 levels in the near future.
RSI signal shows recovery potential
Additionally, DOGE’s relative strength index (RSI) is approaching oversold territory, suggesting a potential recovery could be on the cards in the coming days.
Bullish trend with correction phase
As of now, sentiment across the cryptocurrency space is bullish, although this appears to be part of a price correction. However, significant upside momentum is likely following the inauguration of President-elect Donald Trump, scheduled for January 20, 2025.
