Time to Buy Dogecoin? Whales Buy 110 Million DOGE
In seemingly dull markets, whales and cryptocurrency investors have found ideal conditions today, as evidenced by Dogecoin (Doge) investors. A well-known crypto expert on X (formerly Twitter) said crypto whales have purchased nearly 110 million Doge Meme coins in the past 48 hours.
Current price motivation
Despite the massive purchases of crypto whales, the price of Doge remains unchanged, with no obvious moves. Currently, the meme coins are trading close to $0.25, up 0.80% over the past 24 hours.
However, during the same period, traders and investors showed a strong interest in meme coins, resulting in a 25% increase in trading volume.
Dogecoin (Doge) price action and upcoming levels
Currently, Doge’s support level is $0.245, and its price reversal history. According to expert technical analysis, Doge Although the model has not been completed, it seems that a bullish double bottom pattern is formed on the day-to-day schedule. In addition, the meme coins face mild resistance of 200 exponential moving averages (EMA) over the daily time range.
Based on historical price momentum, if Doge tides and closes daily candles above $0.263, it is likely that it will increase by 20% to $0.31 in the next few days.
Bullish chain indicators
Despite weak price action and market uncertainty, investors and long-term holders have shown strong interest in assets, as reported by on-chain analyst firms Small shop. Data from spot inflows and outflows suggest that exchanges witnessed a continuous and substantial threshold outflow worth millions of dollars, indicating potential accumulation.
In the past 24 hours, the exchange has recorded a $9.25 million threshold outflow, indicating potential accumulation and possible buying pressure.
In addition to bullish outlook for long-term holders and investors, day traders also showed optimism. At press time, the main liquidation level on the lower side was $0.248 and the upper side was $0.263, at which day traders were over-leveraged. Furthermore, data suggest that the Bulls currently dominate the meme coins and can support their upcoming rally.
