The post Dogecoin whale’s 200M move: Will this help DOGE break $0.43? appeared on BitcoinEthereumNews.com.

contributor Posted: November 27, 2024 Dogecoin whales have shifted sentiment, fueling buying pressure and potential price rally Monitoring whale activity is crucial as Dogecoin aims for key price levels and resistance Dogecoin [DOGE] has seen significant price fluctuations in recent days, with its value dipping to $0.36 on the 23rd of November as major whales reduced their holdings. However, at press time, Dogecoin was trading at $0.40, reflecting a shift in sentiment as these key stakeholders have resumed buying. This renewed accumulation, coupled with other technical indicators pointing to bullish momentum, could suggest that DOGE’s price was gearing up for another upward move. Whale activity and its impact Source: Santiment When Dogecoin’s price dropped to $0.36, whale holdings declined from 10.59 billion to 10.39 billion DOGE, according to Santiment data. This sell-off increased market pressure, triggering the price dip. However, whales have since resumed accumulation, adding approximately 200 million DOGE, valued at $84 million at the current price of $0.42. This renewed buying pressure is alleviating selling pressure and fueling bullish sentiment. The shift in whale activity pointed out the growing confidence in DOGE’s potential for another rally, with their actions serving as a key driver for the token’s price recovery. Dogecoin’s bullish momentum gains traction: Key levels to watch The ADX, a vital indicator of trend strength, surged to 68.00, confirming Dogecoin’s robust bullish momentum. This reading signifies a well-established uptrend, suggesting that DOGE could break past the $0.40 mark with continued market support. Source: TradingView However, the $0.43 resistance level has proven challenging, with the cryptocurrency failing to sustain momentum above it. Declining trading volume also signals caution, as sustained buying interest is critical to propelling DOGE higher. On the downside, the $0.36 support level remains a crucial safety net for bulls, providing room for a rebound if…

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Filed under: News - @ November 27, 2024 1:16 am