Dogecoin Price Is ‘Super Bullish’ As Whales Pour An Extra $149M Into DOGE

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. However, the current surge in Dogecoin (DOGE) price is nothing short of extraordinary. The massive influx of $149 million from large investors, or “whales,” within the last 24 hours is a testament to the strong confidence these influential market players have in DOGE’s potential recovery.

The price of Dogecoin appears highly promising, with significant investors (often called “whales”) injecting about $149 million into the meme coin over the past day. This substantial investment influx indicates a strong belief among key market influencers, which increases optimism regarding DOGE’s recovery. One analyst predicts that Dogecoin’s price trend will continue to be “extremely bullish,” suggesting that this cryptocurrency could potentially reach $10 during the current rally.

Why Is Dogecoin Price Today Surging?

DOGE price increased by 6.9% in the last 24 hours to trade at $0.1764 as of 00:48 a.m. EST. This includes an incredulous 27.8% weekly gain and a 50.9% bi-weekly uptick. Although Bitcoin has played a huge part in the current rally, the upcoming U.S. election is also likely a contributor to the rise of Dogecoin. 

As reported by Polymarkets, Donald Trump currently holds a significant lead over Vice President Kamala Harris, with 66.4% of the vote compared to her 33.7%. This trend is boosting investors’ optimism about a potential Trump victory, which is now seen as favorable for cryptocurrencies.

At present, as per data from IntoTheBlock, Bitcoin and Dogecoin have a strong 0.94 (or 94%) correlation. This suggests that when Bitcoin increases in value, it’s very probable that Dogecoin will also experience a similar price increase.

Rally Not Over As Whales Pour $149M Into DOGE

Based on information from ITB, it appears that prominent investors are increasingly wagering on Dogecoin, as its value continues to rise. In just the past day, there has been a significant influx of large holders holding 861 million DOGE compared to 3.08 million, indicating that these ‘whales’ have growing faith in this cryptocurrency asset.

The increased activity of whales, as indicated by a significant rise in large transactions, points towards Dogecoin’s price potentially surpassing the $0.22 threshold soon. Additionally, Santiment data reveals that various on-chain indicators for Dogecoin are reaching unprecedented heights, suggesting robust activity in the Dogecoin market.

  1. Social dominance is at an 8-month high, suggesting that investors are actively talking about Dogecoin.
  2. Active and daily active addresses (DAA) broke a 2-week high, meaning new users are likely joining the DOGE ranks.
  3. The network-to-volume transaction (NVT) ratio is back to a six-month high, meaning investors value DOGE’s price at a premium.
  4. 30-day realized cap just surpassed the 365-day realized cap. When this happens, it means new holders are joining Dogecoin, and previous historical data shows it has always been followed by a price increase 

Based on these measurements, it appears that the surge in Dogecoin’s price may still be ongoing, with a potential further increase coming quite rapidly.

Technical Analysis: DOGE Price Is ‘Super Bullish’

A financial expert views the behavior of Dogecoin’s price as extremely optimistic and believes it could reach $9-$10 during the full extent of the market uptrend. Yet, in the short term, his forecast suggests that Dogecoin may rise to around $1-$2.70.

The value of Dogecoin (Doge) has successfully breached its previous resistance point (1), but now encounters a new challenge at level (2). This barrier was tested previously, yet remains a substantial obstacle. Should Dogecoin manage to overcome this resistance, the next notable obstacle will be approximately $0.22. This level is significant as it corresponds with the yearly high and signifies a potential 29% growth from its current price.

If bears manage to drive down Dogecoin’s price below $0.142 (first resistance level), it could indicate a weakening market. This might trigger a chain reaction of sell-offs, potentially causing the price to drop even more towards the support at $0.105.

Over the next five days, we’ll see the highly anticipated U.S. elections with a strong focus on cryptocurrency, which could result in significant market fluctuations, particularly for Dogecoin.

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2024-10-30 10:06