- Dogecoin whales invest $27 million, suggesting confidence in a potential price rise towards the $0.1 mark.
- On-chain data indicates growing interest from strategic investors, raising expectations of a bullish rally for DOGE.
Dogecoin’s recent $27 million whale buying activity suggests growing interest and a potential recovery of the DOGE price towards the $0.1 mark.
Despite an overall drop of 1.7% in the first week of February 2024, Dogecoin shows good resilience compared to other meme cryptocurrencies, which have experienced steeper declines. This strategic investment behavior indicates a confidence in DOGE’s ability to overcome negative market trends and possibly initiate a recovery phase.
On-chain data analysis reveals that significant investors have taken advantage of the recent market downturn to increase their holdings, bringing the total balance to 45.09 billion DOGE.
This type of accumulation has been a precursor to previous rallies, which could signal an upcoming uptrend towards the $0.1 target. In addition, DOGE’s price consolidation around $0.08, despite the volatility, reinforces the perception of its upcoming market stability.
The bullish bias is also reflected in the activity of speculative traders, whose expectations of an imminent breakout are supported by an increase in funding rates. These indicators, along with the major resistance at $0.085 identified by the upper Bollinger band technical indicator, suggest a bullish scenario for Dogecoin in the near term.
The potential for a rally towards $0.10 depends on overcoming this key resistance. Any drop below $0.07 could change the narrative, although there is significant support at $0.075 that could offer a floor for the DOGE price.
At the time of writing, the price of dogecoin remains at $0.07983.
Recent activity from whales and speculative traders provides a solid basis for anticipating an upside move in Dogecoin, provided the current market continue.
