Dogecoin whales are accumulating – Good news for traders like you?
The post Dogecoin whales are accumulating – Good news for traders like you? appeared on BitcoinEthereumNews.com.
Whale accumulation and rising address activity suggested Dogecoin could soon break key resistance levels Mixed technical signals and low transaction counts highlighted caution In a significant development that has caught the attention of the crypto market, Dogecoin [DOGE] whales have acquired over 90 million DOGE within the last 48 hours. This strategic accumulation is a sign of growing confidence among large investors, potentially positioning Dogecoin for a major price breakout. At press time, Dogecoin was trading at $0.3155, following a slight 0.19% dip over the last 24 hours. However, the real question remains whether this momentum can ignite the next bullish phase or lead to further consolidation. DOGE’s price action – A breakout or another consolidation? At press time, Dogecoin’s price action indicated a tightly coiled setup as it traded within a bullish pennant pattern. The critical resistance level stood at $0.366, which could serve as a launching pad for a rally towards $0.50 if breached. However, a failure to break above this resistance might prolong the consolidation phase, frustrating bullish traders. Source: TradingView Analyzing Dogecoin’s address activity Examining Dogecoin’s address statistics revealed an encouraging trend in network activity. The past week has seen a 102.4% spike in new addresses, while active addresses have climbed by 111.32%. These numbers pointed to a surge in user engagement – A metric often tied to price growth. Moreover, zero-balance addresses have risen by 155.44%, indicating an influx of new participants testing the ecosystem. Source: IntoTheBlock Dogecoin’s transaction count signals caution Despite growing whale interest, Dogecoin’s transaction count dropped significantly, with only 7,843 transactions recorded at press time. This decline underscored muted on-chain activity, which could act as a headwind against bullish momentum. However, such quiet periods have historically preceded sharp price moves, making this a situation worth monitoring closely. Source: Santiment DOGE’s technical…
Filed under: News - @ December 28, 2024 8:21 pm