dogecoin $0.403365 (DOGE) attracted attention with the purchase of 160 million DOGE by major investors in the last 24 hours. This movement took place after Dogecoin increased in value by 350% in recent years. Increasing demand has brought to the fore the potential for cryptocurrency to surpass the $1 level.
Whale Purchases Increased Market Confidence
According to the information shared by Ali Martinez, DOGE whales purchased 160 million DOGE in 24 hours. These large-scale purchases created a positive sentiment in the market, supporting Dogecoin’s price trend. Investors state that these purchases strengthen the hope of making more profits.
In Dogecoin’s technical analysis, Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators show positive signs. The MACD line crossing over the signal line indicates a potential upward movement, while the RSI value reflects a balanced market environment.
Price Formations Support Upward Expectations
According to technical analysis, Dogecoin is forming a double bottom formation. This formation generally indicates a sustainable uptrend. DOGE’s rise above $0.46 after the $0.37 support level shows that buying pressure is increasing.
DOGE price is at $0.4089 at press time and has increased by 0.77% in the last 24 hours. The market value was announced as $60.18 billion. The 24-hour trading volume decreased by 30.05% to $3.79 billion.
In light of these developments, it is recommended to closely monitor market dynamics while evaluating Dogecoin’s potential to reach the $1 level. Investors determine their strategies by taking technical indicators and whale movements into account.
Dogecoin’s latest performance attracts attention in the cryptocurrency market and creates positive signals for investors. However, it is important to be cautious due to high market volatility.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
