- DOGE stabilized above $0.35 support zone amid increased whale transactions.
- Dogecoin’s active addresses surged by 35% alongside its rising liquidation levels.
As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the latest developments surrounding Dogecoin [DOGE]. The memecoin has been exhibiting resilience at its key support level of $0.35, and the current consolidation phase is noteworthy.
Dogecoin’s value, represented by [DOGE], is maintaining itself slightly above a crucial support point at approximately $0.35. At present, its price movement suggests a period of stabilization following an impressive rally during the previous bullish week.
As a crypto investor, I’ve noticed that the trending meme coin has consistently challenged this significant support threshold. Amazingly, its price point has shown an impressive capacity to bounce back each time it hits this level.
At the moment, the price of DOGE is hovering within a narrow band between approximately $0.36 and $0.38, currently trading around $0.3698.
Whale activity signals potential momentum
A notable surge in Dogecoin’s whale activity has caught the attention of market participants.
As per data from IntoTheBlock, there’s been a significant surge in notable Dogecoin (DOGE) transactions. This rise has taken the transaction count to heights last seen around early November.
Indeed, there’s been a substantial spike of 41% in big transactions involving this meme coin over the last 24 hours. Such a rise in ‘whale’ activity is typically a precursor to significant price fluctuations.
DOGE’s bullish sentiment
According to AMBCrypto’s assessment, the outlook appears optimistic for Dogecoin (DOGE) supporters. Notably, the number of active addresses for this meme coin has surged by a significant 35%, reaching approximately 157,190. This surge suggests an increase in user interaction and engagement.
As the volume of trades continues to rise, it suggests that a growing number of traders and investors have faith in the $0.35 as a strong support level, leading them to adopt a bullish stance, aiming for the next notable resistance at $0.48.
Liquidation data adds complexity
Additionally, we found some concerning signs in our review of recent Coinglass data. Specifically, there’s a high degree of liquidation leverage right now, amounting to 4.97 million units at the price point of $0.3812. This indicates a potentially risky situation.
A large amount of selling (liquidation) happening at prices higher than Dogecoin could spark greater price fluctuations in the market. This liquidation pool, in turn, lends a positive outlook to an already optimistic market scenario.
What next for DOGE?
As more people offer their backing, whale activities surge, and the network’s involvement grows, Dogecoin (DOGE) appears poised for an uptrend or bullish surge.
Yet, it’s crucial for market participants to stay alert about the significant levels of liquidation leverage, as this could potentially lead to abrupt price fluctuations in the short term.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
All eyes remain on the $0.35 weekly support level as the market awaits clear directional signals.
Maintaining current prices along with continuous expansion of the network could serve as a base for Dogecoin’s next major price surge.
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2024-11-18 19:03