Dogecoin Whales Buy 530M DOGE: Is a Price Surge Coming?
- Whale investors accumulated 530 million Dogecoin in 72 hours, signaling a potential price recovery amid market fluctuations.
- DOGEs strong support at $0.1853 may prevent further drops, with analysts expecting a bullish breakout if it holds.
- Bitcoins price swings impact Dogecoins movement, with a crypto market uptrend likely to boost DOGEs valuation.
The holding of Dogecoin (DOGE) by whales has increased, with these investors buying as many as 530 million coins in 72 hours. Nonetheless, price volatility still persists, indicating a favorable change in the investors market sentiment. Analyst Ali noted that this accumulation took place at an important support area. Such buying activity in the past has indicated that the coming few days would see prices bounce back as the big investors do reposition themselves to buy more at cheaper prices.
Dogecoin Whale Accumulation Surge
As of writing, DOGE is trading at $0.2020, a 10.26% uptick within the last 24 hours. Nevertheless, the lowest price was seen on late Februaryat $0.1853, concurrent to the times of whales eagre accumulation. This trend means that large investors are interested in buying shares when they are cheap in what may signal for a revival of the price.
Source: TradingView
Such support at this level might restrict further decline and create a reversal upward move. If, however, they pile up, the price may stay within the range or even go up. In the case that same large holders sell it means there is the possibility of experiencing a high volume of selling pressure hence exerting more pressure to the price down.
Market Trends Impact DOGE
Ali Martinez pointed out that Dogecoin has its price situated above a vital support zone. If it remains at $0.185 level, the price might reach other resistance levels that may indicate a bullish period. But if the market happens to turn bearish, then the price is likely to fall below this level and extend even lower.
Apart from the whale activity, Dogecoin is also affected by the broader cryptocurrency market prices. Bitcoin moved up and down in these trading sessions and it had a positive as well as negative effect on most altcoins. If the market for Bitcoin goes high, Dogecoins may also increase in value, but if the overall market dips, its value goes down.
Following weeks will put Dogecoin on a certain direction as as rivals continue to form their own strategies of how to approach the digital coin. If the accumulation continues, it is likely that there will be an outbreak of the rally. On the other hand there to much of consolidation in market prices may be more or less fixed in a certain marker point.
Read more: https://www.tronweekly.com/dogecoin-whales-buy-530m-doge-is-a-price/
Text source: TronWeekly
