- DOGE’s trading volume has increased by 25%, indicating higher participation from traders and investors.
There is a high possibility that DOGE could surge by 15% to reach the $0.12 level in coming days.
As a seasoned researcher with years of experience in analyzing the crypto market, I find myself intrigued by the recent movements in Dogecoin (DOGE). The surge in trading volume and Open Interest, coupled with the whale’s 103 million DOGE transfer, suggests a brewing storm in the DOGE market.
Over the past few days, many cryptocurrencies, including prominent ones such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), have seen substantial drops in their values.
In the midst of economic slump, a significant amount of Dogecoin (DOGE) was moved by a large crypto investor to an unidentified digital wallet.
Whale moves 103 million DOGE to wallet
13th August saw Whale Alert, a blockchain transaction tracker, highlighting on their platform (formerly Twitter) that a significant crypto investor (often referred to as a ‘whale’) moved approximately 103.8 million tokens valued at around $11.2 million from Bittrex to an unidentified digital wallet.
Additionally, this whale exchanged these coins at an important price point around $0.100. After this significant transaction, DOGE began trading close to $0.104, showing a rise of more than 1.5% over the past day.
During that timeframe, the trading volume grew by 25%, indicating a greater involvement from both traders and investors.
Alongside an uptick in trading activity, Dogecoin’s Open Interest has shown a modest surge of about 2%, suggesting that there’s been a growing curiosity among traders and investors in recent days.
Dogecoin technical analysis
As a crypto investor, I’ve noticed an optimistic outlook for Dogecoin based on some technical analysis insights. It seems that the coin has surpassed its 200-week Exponential Moving Average (EMA), indicating potential bullish momentum in the longer term.
Starting from April 2024, Dogecoin (DOGE) has persistently decreased along an upward sloping channel, with each peak being lower than the previous one, and each trough also showing a downward trend compared to the prior one.
Following the 5th of August’s market downturn, Dogecoin (DOGE) has reached a new low, suggesting it may be aiming for a potential lower high region.
Over the next few days, there’s a strong likelihood that the price might jump by 15%, potentially reaching $0.12. But if Dogecoin can’t maintain this level, heavy selling may occur.
Meanwhile, this level serves as strong support for DOGE and may attract both investors and whales.
Major liquidation levels
At the current news update, the approximate support and resistance levels were around $0.103 (lower) and $0.109 (higher), as reported by the data analysis company, CoinGlass.
Read Dogecoin Price Prediction 2024-2025
Should the sentiment change and the price reach approximately $0.109, around 9.36 million dollars’ worth of short positions will need to be closed out.
In other words, if the sentiment stays the same and the price drops to $0.103, approximately $2.93 million worth of long positions may need to be sold off.
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2024-08-13 21:12