Dogecoin Surges as Whales Make Big Buys: Future Predictions

Dogecoin Surges as Whales Make Big Buys: Over the past few weeks, Dogecoin (DOGE) has maintained its rapid growth. In a week, the price of Dogecoin increased by 40%. Dogecoin crypto has experienced a significant increase in value amid the post-US election hoopla that has resulted in substantial inflows. It has attained the 52-week high.

Whales have acquired 140 million DOGE in the past few days. This is equivalent to $56 million. These accumulations may increase with the price, suggesting that this investor is exceedingly optimistic.

This type of activity has the potential to impact the market, as these large purses do not make such substantial purchases on a whim. They do so when they believe that the moment is opportune.

The retail market may also be attracted to such hefty purchases, which can be advantageous. They will regard it as a demonstration of confidence in the Dogecoin market.

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Analysis of Key Levels and Dogecoin Price Action

In the past, Dogecoin has experienced significant growth following each election cycle. This time, it has experienced a more than 150% increase after Trump’s victory. In the past few sessions, billionaires have accumulated a substantial amount of Dogecoin, with their holdings approaching $1 billion.

The Dogecoin price was $0.3779 at the time of writing. It observed an intraday increase of more than 2.30%. Ranked seventh among the leading crypto coins, its market cap increased to $55.47 billion.

Additionally, the price action suggested a favorable long-term outlook. The token’s price maintained a level that exceeded the significant moving averages.

The Relative Strength Index (RSI) line maintained a value of approximately 79, indicating that the readings were favorable. A robust bullishness was replicated through a positive crossover.

The Chaikin Money Flow (CMF) indicator indicated that the market experienced an increase in inflows. The CMF reading was approximately 0.23 at the time of publication.

The On-Balance Volume (OBV) also experienced a substantial increase, indicating a substantial accumulation of buyers. The trading volume has increased by more than 71% in the past seven days. It has disclosed the purchasing pressure.

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Dogecoin Signals Bullish Outlook as it Enters “Optimism” Stage

The Dogecoin price is currently in the “optimism” stage, as determined by the psychology of the market cycle. This implies that the coin is in the process of initiating bullish movements.

This optimism among investors must be transitioned to a subsequent stage, as with any other cyclic market expansion or bull phase. The stage is referred to as “belief,” “thrill,” and “euphoria.”

Trader Alan recently concluded in a tweet that Dogecoin is transitioning to a more advanced stage of the cycle. This implies that it will facilitate a future upward trend.

He further stated that Dogecoin has transitioned beyond certain negative cycle stages. ‘Capitulation’ and ‘panic’ are additional cycles.

The funding rates data remained positive when examining the futures market data. This implies that the demand for long contracts remains persistent, and traders remain confident in purchasing Doge.

Dogecoin’s immediate support zones were $0.3500 and $0.3300. Conversely, the upside obstacles were $0.4000 and $0.4200.

Acknowledgment

The views and opinions expressed by the author or any other individuals mentioned in this article are solely for informational purposes and do not constitute investment, financial, or any other type of advice. There is potential financial loss when trading or investing in cryptocurrency assets.

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