Dogecoin (DOGE) experiences a significant surge in whale activity, accumulating over 200 million tokens in 48 hours. This trend, coupled with bullish price patterns and rising network engagement, suggests a potential breakout for DOGE. Investors are optimistic about DOGE's future, eyeing resistance levels at $0.40 and $0.50.
Doge coin ( DOGE ) has experienced a surge in whale activity lately, with over 200 million tokens accumulated in just 48 hours. This significant increase in demand has reignited investor interest and optimism about DOGE 's potential for a breakout. At press time, DOGE was trading at $0.3854, representing a 1.61% hike over the last 24 hours. Whale accumulation is often an early indicator of strong price movements, raising expectations for a bullish run in the coming days.
DOGE's price history revealed that in January 2021, the memecoin saw a massive rally after a 56% correction. At the time of writing, Dogecoin seemed to be at the end of a 46% pullback, forming a similar pattern to its previous cycle. As was the case in 2021, historical data suggests that these corrections often pave the way for new price surges, especially during bullish phases. Therefore, if the cycle repeats itself, Dogecoin could see a significant upward leg as early as next week, with resistance levels at $0.40 and $0.50 becoming key milestones.Dogecoin’s price has been displaying a classic cup-and-handle pattern – A reliable bullish formation. The breakout pushed DOGE towards the crucial resistance at $0.40, which, if cleared, could set the stage for a run towards $0.50. However, if momentum slows down, the price might retrace to the $0.30 support level, allowing buyers to step in again. Therefore, the next few days will be pivotal in determining whether DOGE can sustain its upward trajectory or not.Dogecoin’s daily active addresses are currently hovering near 80,000 – A sign of increased user activity and network engagement. This hike is a positive sign of growing interest, as higher activity levels often translate to better price stability. Additionally, sustained growth in network participation could attract more investors, further strengthening Dogecoin’s bullish case. However, a drop in activity might dampen investor sentiment and slow down the momentum. The MVRV ratio had a reading of 161.66%, indicating that holders are sitting on considerable unrealized gains. While this alludes to potential profit-taking, whale accumulation and increased activity may limit selling pressure. Additionally, if DOGE maintains its momentum, the profits could incentivize long-term holding. Therefore, the MVRV ratio will be a critical metric to watch out for in the coming days
DOGE Dogecoin Cryptocurrency Whale Activity Breakout Price Surge Bullish Trend Cup-And-Handle Pattern Network Engagement MVRV Ratio
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