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Doge (DOGE) has sparked a wave of attention from whales and investors with its strong upward momentum. In fact, the meme coin has broken through the downward trend line on the chart in just the past few days.
However, at the time of writing, the price seems to be consolidating.
Surge in Whale Participation - A Bullish Signal?
This continued consolidation, coupled with increased whale trading, suggests potential accumulation and could be beneficial for DOGE's price in the long term.
Data from blockchain analysis company IntoTheBlock shows a 540.47% surge in whale transactions between $1 million and $10 million, and an 8060% increase in transactions over $10 million. This indicates higher participation from whales and institutions during the ongoing price consolidation.
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The indicator further emphasizes that large transaction volumes surged by 41.12% in the past 24 hours, while daily active addresses grew by 34.91% during the same period.
Combining these indicators, it's clear that whales and institutions' interest in the memecoin has significantly spiked in recent days. Moreover, whales may have insider information about the memecoin and could be actively positioning themselves to seize opportunities.
Current Price Momentum and Trader Interest
At the time of writing, Doge (DOGE) was trading near $0.179, down 1.45% in the past 24 hours. During the same period, its trading volume decreased by 43%, indicating reduced participation from retail investors and traders compared to previous days.
However, according to blockchain analysis company Coinglass, despite the price drop and market consolidation, traders remain strongly bullish.
The DOGEUSDT long-short ratio on Binance is 2.15, indicating strong bullish sentiment. Data shows that among Binance's top DOGE traders, 68.28% hold long positions, while 31.72% hold short positions.
Are There Any Imminent Levels?
According to AMBCrypto's analysis, DOGE appears to be in a sideways trend, having been consolidating in a narrow range between $0.175 and $0.185 over the past five trading days.
From the daily chart, this level seems crucial for the memecoin's success or failure.
Based on its recent price trend, if DOGE's price surges and breaks through the consolidation, closing above the $0.185 mark, it could pave the way for a 10% rise, reaching up to the $0.205 level.
Conversely, if the memecoin collapses, it could push DOGE's price down by 7.5% to the next support level of $0.162 in the future.
