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Amid the ongoing market recovery, Dogecoin (DOGE) appears promising as whales show strong interest and confidence in the world’s largest meme coin.
Whale Buys 470 Million DOGE
On January 11, 2024, a prominent crypto expert posted on X (formerly Twitter) that crypto whales have purchased a significant 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 indicates that the current price range might present an ideal opportunity to add or buy more meme coins.
Current Price Momentum
Currently, DOGE is trading near $0.334 and has experienced a price surge of over 4.5% in the past 24 hours. During the same period, its trading volume jumped by 15%, indicating that more investors and traders are engaging with the token as sentiment appears to be quietly improving compared to the past few days.
Dogecoin (DOGE) Technical Analysis and Upcoming Level
However, DOGE has found support at the crucial $0.31 level and is poised for upside momentum. Historically, the meme coin has bounced off this support level multiple times, each time witnessing significant upward momentum. This time, 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 breach this level. Based on recent price action, if DOGE surpasses this resistance and closes a daily candle above the $0.345 level, there is a strong possibility it could rally by 15% to reach the $0.40 level in the near future.
RSI Signals Recovery Potential
In addition, DOGE’s Relative Strength Index (RSI) is nearing the oversold area, indicating a potential recovery that could unfold in the coming days.
Bullish Trends with a Correction Phase
As of now, the sentiment across the cryptocurrency landscape is bullish, though it appears to be part of a price correction. However, significant upside momentum might be witnessed after the inauguration of President-elect Donald Trump, scheduled for January 20, 2025.
