Dogecoin Price Surges Past Key Resistance Levels as Whales Accumulate, Breakout Ahead?
The post Dogecoin Price Surges Past Key Resistance Levels as Whales Accumulate, Breakout Ahead? appeared on BitcoinEthereumNews.com.
Dogecoin has continued its upward movement and is now close to the $0.50 psychological level as whales buy more tokens. Dogecoin holds more than half of the meme coin market segment with a market capitalization of $60.82 billion in the wake of the overall cryptocurrency surge. Market Performance and Key Indicators Dogecoin price has surged taking its 7-day increase to 16%. This growth is in line with Bitcoin trading above $100,000, which has boosted the performance of other cryptocurrencies. Dogecoin price action on the 4-hour chart has pushed towards the 61.80% Fibonacci retracement level at $0.39139. The token has formed its second bullish candle in a row, with an increase of 2.16% in the last four hours. These movements suggest that a breakout through the Fibonacci resistance level is possible. – Advertisement – Source: TradingView More so, there are several technical indicators that back this bullish outlook. The 50-day and 200-day exponential moving average lines have crossed, signaling a golden crossover, which is a bullish pattern. Furthermore, the 100-day EMA is about to break above the 200-day EMA, which means buying interest is on the rise. Similarly, the RSI on the 4-hour chart is close to the overbought zone, which also points to further growth. Whale Activity Bolsters Bullish Momentum Whale activity has picked up in the Dogecoin market, contributing to the current rally of the token. Data from Santiment suggest that whales purchased about 200 million DOGE tokens in the last 48 hours. This accumulation proves that high net worth investors are increasingly interested in Dogecoin because its price is close to a crucial resistance level. Notably, this is happening as the overall market capitalization of the meme coin market reaches nearly $110 billion. Dogecoin, which dominates this market segment, continues to attract the attention of investors looking for…
Filed under: News - @ January 18, 2025 4:26 pm