Amid the ongoing market recovery, Dogecoin (DOGE) looks promising as whales show strong interest and confidence in the world’s largest meme coin.
Whale buys 470 million DOGE
On January 11, 2024, a prominent cryptocurrency expert posted on X (formerly Twitter) that cryptocurrency whales had purchased a significant 470 million DOGE in the last 48 hours.
Looking at DOGE’s daily chart, it appears that significant buying in DOGE has occurred between the $0.314 and $0.355 levels. This data indicates that the current price range could provide an ideal opportunity to add or buy more meme coins.
Current price momentum
Currently, DOGE is trading near $0.334 and has experienced a price surge of over 4.5% in the last 24 hours. Trading volume has increased by 15% over the same period, indicating that more investors and traders are engaging with the token as sentiment appears to be quietly improving compared to the past few days.
Dogecoin (DOGE) Technical Analysis and Future Levels
However, DOGE has found support at the crucial $0.31 level and is poised to gain upward momentum. Historically, meme coins have bounced from this support level several times, witnessing significant upward momentum each time. This time, experts and analysts are speculating a similar outcome for DOGE, which explains the reason for the $470 million accumulation.
According to expert technical analysis, DOGE is currently facing a small resistance at $0.34 and appears to be struggling to break this level. Recent price action suggests that if DOGE breaks above this resistance and closes the daily candle above the $0.345 level, it is likely to rise 15% and reach the $0.40 level in the near future.
RSI signal recovery potential
Additionally, DOGE’s Relative Strength Index (RSI) is approaching oversold territory, indicating a potential recovery that could develop in the coming days.
Bullish trend with correction phases
Sentiment across the cryptocurrency landscape is optimistic at the moment, but this appears to be part of a price correction. However, significant upward momentum could be witnessed following the inauguration of President-elect Donald Trump, scheduled for January 20, 2025.