As a seasoned crypto investor with a knack for spotting trends and reading between the lines of market dynamics, I must admit that the recent accumulation by Dogecoin whales is a promising development. Having witnessed several market cycles and understanding the role of key stakeholders, I can confidently say that this surge in buying activity is a positive sign for DOGE‘s future price action.
From November 20th through 23rd, large Dogecoin (DOGE) investors, known as whales, decreased their holdings. Coincidentally, this was the same week that the cryptocurrency attained its yearly peak. This reduction in investment led to a drop in DOGE’s price down to $0.36.
Today, on the other hand, the scenario has changed, as these significant players are once again participating in transactions. This development might influence the future worth of Dogecoin.
Big Wigs Won’t Let Dogecoin Go Without Buying
As reported by Santiment, the number of Dogecoin (DOGE) addresses holding between one million and ten million coins decreased to approximately 10.39 billion on November 23, but it has since increased to around 10.59 billion.
It seems that large Dogecoin investors, or ‘whales,’ capitalized on the weekend drop in prices, buying around 200 million coins. Given the current price of Dogecoin at about $0.42, this amounts to approximately $84 million invested. Frequently, such accumulation by whales suggests a decrease in the pressure to sell.
As a result of the increased purchasing activity, it seems that Dogecoin’s price may be preparing to rise above its current level of $0.42. If this happens, it’s possible that the forecast of Dogecoin reaching $1 could become a reality.
As I analyze the market trends, I’ve noticed a consistent increase in the Average Directional Index (ADX). This technical tool serves as a guide for traders to assess the robustness of a trend, whether it leans towards bullish or bearish movements.
As a crypto investor, I’ve noticed that when the Average Directional Index (ADX) goes above 25, it points to a strong directional momentum. On the flip side, a reading below 25 hints at weak movement. Recently, on Dogecoin’s daily chart, the ADX has soared to 68.00, signaling a substantial uptrend. Given that the coin is trending upward, this could indicate that the price of DOGE might continue climbing.
DOGE Price Prediction: $1 Still Feasible
Examining the daily graph reveals that Dogecoin’s price encountered a barrier at approximately $0.43. This obstacle was one factor preventing the cryptocurrency from surging towards $0.50. It’s also crucial to note that trading activity decreased, making it difficult for the upward trend to persist.
It seems like bulls are holding their ground at around $0.36 for Dogecoin (DOGE). If this trend continues, its value might increase and reach about $0.48. Under a very optimistic outlook, DOGE could potentially surge towards one dollar.
Should large Dogecoin holders elect to offload their coins, a significant increase may not materialize as anticipated. Rather, the price could dip down towards $0.32 instead.
Read More
- When Whitney Houston’s Mother, Cissy Houston, Opened Up About Pain Of Outliving Daughter
- EUR HUF PREDICTION
- RIF PREDICTION. RIF cryptocurrency
- ZRO PREDICTION. ZRO cryptocurrency
- Deadpool & Wolverine Director Reveals The ‘Dirty Line Of Dialogue’ That Didn’t Make The Final Cut
- Tower of God Season 2: How Sequel Needs to Clear Pilot’s Mess
- ‘Very Naturalistic Actors’: The Crow Director Rupert Sanders Reveals Why Bill Skarsgard And FKA Twigs Are ‘Right’ For Their Roles
- When Justin Bieber Shared His Thoughts On Being Famous At An Early Age And Called It ‘Toughest Thing In The World’
- ‘I’ve Questioned Whether…’: Joshua Jackson Opens Up About Period Of ‘Bumps and Bruises’ In His Acting Career
- Was the Fed’s Large Rate Cut Designed to Gift Kamala Harris the U.S. Presidency?
2024-11-25 23:43