As an experienced analyst, I have closely monitored the cryptocurrency market, including Dogecoin (DOGE), for several years. Based on the current data, I believe that Dogecoin is showing signs of a potential trend reversal. The recent increase in whale-tier transactions, with over 6.52 billion DOGE transacted in the last 24 hours, and large volume transactions are clear indicators of growing interest from major market participants.
Dogecoin is experiencing significant growth as large transactions involving the coin increase, with a total of 6.52 billion DOGE exchanged in the past day. The currency’s price trend is gradually upward, but it has yet to build sufficient momentum to surpass the upcoming resistance point at $0.174.
The price of Dogecoin hovers near $0.163 on its daily chart, demonstrating a sluggish progression from previous lows when compared to Tether (USDT). Notably, moving averages, specifically the 50-day and 100-day averages, are inching towards the price and may potentially serve as support should the need arise.
IntoTheBlock’s data reveals considerable transaction activity, particularly in larger deals. The number of sizeable transactions has fluctuated during the last week, reaching a high of 1,046 on May 29, 2024. This represents a significant seven-day total.
On June 2, 2024, there was a substantial drop in transactions to a seven-day low of 718. However, this trend reversed by the end of the period with a surge in transactions, reaching 975. This spike in significant transactions suggests growing interest among major market players.
Just as astonishing is the significant amount of major transactions involving DOGE. In the past day alone, this figure reached an impressive 6.52 billion DOGE. On May 29, 2024, the highest transaction volume of 8.65 billion DOGE was recorded. The lowest point occurred on June 2, 2024, with a transaction volume of 4.06 billion DOGE. This surge in trading activity could be an indication of a large-scale accumulation phase that often precedes substantial price changes.
The highest transaction volume in USD value during the past week, reaching $1.44 billion on May 29, 2024, was followed by a daily volume of approximately $1.04 billion. In contrast, the smallest transaction volume over the last 24 hours amounted to $726 million. The record for the least volume was set at $24 million.
If the price of Dogecoin hits a roadblock at $0.174, it would require considerable buying power and sustained positivity for it to surmount this barrier. Should Dogecoin manage to do so, higher price goals and stronger indications of its bullish trajectory might emerge.
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2024-06-06 12:26