Over the past week, Doge (DOGE) has shown strong buying pressure, with a rise of up to 27%. However, looking at the 1-day chart, we see potential resistance, indicating that the rebound may lead to a short-term reversal More information Crypto Dumplings
Doge Technical Analysis:
The price of Doge is now $0.19450, which is 2.19% lower than the daily high of $0.20435.
Although the weekly chart shows an upward trend, the daily chart shows that if the price falls back from the Bollinger Band upper limit of $0.19082, Doge may be bearish.
This means that the sustained bullish momentum may be weakening, and traders may take profits at this price level.
The simple moving average 20 (SMA) is $0.15595. If the correction continues, this is a good support level that can prevent Doge
Any correction of this SMA will not be seen as a bearish signal, but rather as a correction to the current bullish trend. However, to maintain a bullish short-term outlook, Doge must remain above this 20-day SMA.
Meanwhile, the relative strength index (RSI) on the daily chart is currently 71.83. This exceeds the overbought area of 70.
RSI above 70 usually indicates an overbought level, so with traders taking profits, the price may experience a short-term bearish reversal. If the RSI falls below 70, this will further confirm the decline in bullish pressure and may indicate a correction phase.
For a long-term bullish trend, the RSI should consolidate around the 60-70 level, rather than staying in the overbought area.
Doge Whales Crazily Acquired 3 Billion DOGE Within 24 Hours
According to on-chain data from IntoTheBlock, the amount of Doge (DOGE) that flowed into the wallets of large investors (investors holding at least 0.1% of the circulating supply) in the past 24 hours totaled 2.96 billion DOGE. In comparison, in the previous 24 hours, this figure was only 563.83 million DOGE. This is an increase of 425.65%, or 2.396 billion DOGE, in just one day. But this 24 hours was extraordinary, as the price of the mainstream meme cryptocurrency reached a peak and rose 29.69% yesterday.
Interestingly, the amount flowing out of the same wallets has also increased, with a total outflow of 2.15 billion DOGE throughout the day. However, the outflow the previous day was 1.42 billion DOGE, an increase of 51.4%, or 730 million DOGE.
This also means that despite the increase in outflow and it being higher than the previous day, the amount of Doge flowing into the wallets of large holders is still much higher, and the frenzy is also stronger.
Therefore, the net flow reached 811.45 million DOGE, in stark contrast to the previous day's -856.14 million DOGE.
Despite the increased selling pressure, this wave of accumulation reflects the continued interest in Doge, with whales adding 2.96 billion Doge in just one day. This indicates that Doge whales are in a net accumulation trend, suggesting strong confidence in the short-term performance of Doge. The significant increase in whale activity has made Doge the preferred choice of large holders in the current market environment.
Doge Price Pullback, How High Can It Go in the Future?
As people optimistically predict that the Doge price will rise to $1, Doge has surged and then pulled back, with volatility occurring due to rapidly changing market conditions and sentiment. For Doge to reach $10, it must continue to maintain a significant upward momentum, which would be thanks to optimistic market sentiment and some bullish factors.
Some bullish factors have driven the rise in Doge's price. In addition to strong community support and the growing number of wallet addresses, Doge's price has been steadily rising due to the influence of Musk and his government efficiency department (DOGE) proposal.
With Musk's DOGE proposal set to gain Trump's support, this influence could push Doge's price above $1, or it could further reach between $42 and $23.
And the technical indicators and the accumulation by whales also provide support for the subsequent rise of Doge, although it faces a correction, but it is expected to maintain a good bullish outlook in the short term!
