As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent accumulation of 270 million Dogecoin (DOGE) by whales within the past 96 hours is a move that has caught my attention.
As we approached Christmas Day, the cryptocurrency market showed signs of recovery. Traders are optimistic that the festive season will bring a surge in different digital assets. Meanwhile, major players in the market, often referred to as “whales,” are actively making substantial transactions, reflecting their anticipation in the crypto market.
As per Ali’s analysis as a crypto expert, it’s been reported that large investors, or “whales,” have recently purchased around 270 million Dogecoin (DOGE) over the past 96 hours. This significant purchase equates to approximately $89.64 million at current market prices, leading many to ponder what could be in store for the future.
Whales bought 270 million #Dogecoin $DOGE in the last 96 hours!
— Ali (@ali_charts) December 24, 2024
During phases of consolidation or price drops, it’s common to observe a buildup, as large investors often buy more at reduced prices, a phenomenon known as whale accumulation. Currently, Dogecoin (DOGE) is consolidating following a significant market sell-off that caused its price to dip to $0.261 on December 20th.
The pattern observed in Dogecoin might hint at large investors (whales) preparing for a possible rise in price or some upcoming changes within the Dogecoin community.
The charitable group known as the Dogecoin Foundation, dedicated to fostering the advancement and expansion of Dogecoin, has been actively engaged in incorporating software – libraries and services specifically designed to facilitate its use as a payment method, as well as creating tools for promoting grassroots adoption within developing economies.
Based on a recent 2024 Dogecoin ecosystem report, the Dogecoin Foundation suggests that open-source software is nearing a stage of readiness for use by various profit-driven companies. These businesses could seize this opportunity to develop these tools further and create commercial products, ultimately facilitating Dogecoin payment solutions for a broader, non-technical user base.
What’s next for Dogecoin’s price?
Since bouncing back from a low of $0.261 on December 20th, Dogecoin has fluctuated within a certain price range. Over the course of two days, Dogecoin reached an all-time high of $0.34 on December 24th. At this moment, Dogecoin is seeing a 3.93% increase over the past 24 hours, trading at $0.332. However, it has also experienced a decrease of 15% in the last seven days.
Looking on the optimistic side, Dogecoin could face opposition around $0.349 before reaching the Daily Moving Average 50 at $0.373. If it surges past this, a potential peak at $0.43 might present itself, serving as a formidable barrier. Conversely, if prices drop, anticipated support levels are at $0.27 and $0.23, with the Daily Simple Moving Average 200 providing a safety net at $0.182.
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2024-12-25 14:26