Amidst the current market volatility, the largest Dogecoin (DOGE) whale has made a significant move that has caught the attention of many investors. On March 10, 2024, a well-known crypto analyst took to social media to share that the biggest DOGE whale has acquired a whopping 1.7 billion meme coins over the past three days.
This substantial accumulation by the largest whale comes at a time when the price of DOGE had dropped significantly, reaching a crucial support level. However, the recent acquisition indicates that a major rally could be on the horizon. Following this massive accumulation, the meme coin has managed to bounce back from its support level and is showing signs of a potential price surge.
Currently, DOGE is trading near $0.174, experiencing an 8% price drop in the last 24 hours. Despite the decline, the trading volume has spiked by 150%, suggesting increased activity from traders and investors as the price hovers around a key support level.
According to expert technical analysis, DOGE is in a bullish phase and is approaching the critical $0.18 level, known for triggering strong price reversals. Based on recent price movements and historical patterns, if DOGE manages to hold above $0.18, it could potentially skyrocket by 36% to reach $0.24 in the near future.
Although the price of DOGE is on the road to recovery, the Relative Strength Index (RSI) remains low at 33, indicating a lack of strength for a significant upward movement. However, with improved market sentiment and continued accumulation, the strength of DOGE could see a turnaround soon.
In addition to the massive accumulation by the largest whale, data from Coinglass reveals that investors and long-term holders have moved $63 million worth of DOGE from exchanges in the past 24 hours. This movement suggests a potential accumulation phase, which typically precedes a price increase rather than a decline.
In conclusion, the recent actions of the largest Dogecoin whale and the movement of significant funds out of exchanges indicate a possible rally for the meme coin. As the market continues to evolve, investors should stay updated on the latest developments to make informed decisions. Stay tuned for more updates on the crypto world and never miss a beat with our expert analysis and real-time news on Bitcoin, altcoins, DeFi, NFTs, and more.