DEV Community

David Tevzadze
David Tevzadze

Posted on

1

Dogecoin’s $36M Whale Activity – What’s Next for $DOGE Price?

💰 Whale Alert: $36M DOGE Moved to Binance
Dogecoin [DOGE] made headlines as 90M DOGE, worth over $36M, was transferred to Binance. This significant whale activity has sparked speculation about its impact on DOGE’s price, which currently sits at $0.3957, down 1.17% in the past 24 hours.

📊 Key Resistance to Watch: $0.415
DOGE’s daily chart shows a bullish cup-and-handle pattern, suggesting a potential rally if it breaks $0.415. This resistance has been a barrier before, while $0.3095 acts as critical support. Breaking above $0.415 could push DOGE toward $0.50, but failing to do so might trigger a pullback.

📈 MVRV Ratio Indicates Balanced Market
The MVRV Z-score for DOGE is 3.47, showing moderate profitability for holders. This balanced market suggests cautious optimism, with most investors holding rather than selling. A boost in buying activity is needed to sustain bullish momentum.

🧑‍💻 Active Addresses Surge: Bullish Signal
Daily active addresses climbed to 114,650, highlighting growing network activity and demand. Sustained levels of activity could support a bullish breakout, making this metric key for traders to monitor.

📉 Long/Short Ratio: Market Uncertain
DOGE’s long/short ratio slightly favors shorts at 51.35%, reflecting cautious sentiment. A shift toward longs could trigger short squeezes, driving prices higher.

🚀 What’s Next for DOGE?
Whale moves, rising activity, and bullish patterns suggest DOGE could break out soon. Clearing $0.415 resistance is critical for a rally to $0.50. Failing to do so might see DOGE retrace to lower levels. Stay alert!
Image description

Top comments (0)

Retry later