The post Whales buy 210 mln DOGE: Can Dogecoin pass $0.5 now? appeared on BitcoinEthereumNews.com.

contributor Posted: December 13, 2024 Whales bought 210 million DOGE during the recent price correction.  The market structure saw multiple higher lows as it rebounded on 2-hour timeframe.  The cumulative holdings of whales holding between 10 million to 100 million Dogecoin [DOGE] rose noticeably in the recent weeks, correlating with significant buying activity during price dips. Dogecoin whales have indeed been active, as approximately 210 million DOGE were purchased by these large holders. This buying behavior often stabilizes or pushes the price up, as it reduces the available supply on the open market. So, DOGE is in a position to capitalize on the interest from large volume traders. Source: X This demonstrated strong investor confidence among stakeholders in the potential for future price increases. DOGE’s MACD crossover DOGE price action over a 2-hour timeframe showed a series of higher lows, indicating a bullish trend, with price back to trading above the $0.4o level. These higher lows aligned in the upward trajectory at key turning points like the $0.33, $0.36 and $0.4. They signaled where buying interest had consistently overcome selling pressure. However, there’s a ‘Liquidity Sweep’ phase, where the price briefly dipped below the $0.36 level before rebounding, suggesting a test of buyer resilience. Source: Trading View The ‘Demand Zone’ which acted as a strong area of buying interest marked previous consolidation lows and could be the floor that propels DOGE past the $0.5 before another correction. The MACD indicator showed a bullish crossover, where itcrossed above the signal line, indicating potential for continued upward momentum. This bullish signal aligned with the structural observations in the price chart, suggesting that the market sentiment for Dogecoin was positive. If this trend persists, the price of Dogecoin could continue to rise, past the $0.5 level which was the high before the correction,…

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Filed under: News - @ December 13, 2024 6:15 am