Can Whales Help Dogecoin Target $0.50 Next
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- Whale activity has indicated a return of confidence as the price rebounded from the key support level at $0.31.
- The market sentiment is bullish, driven by increasing metrics and liquidations of short positions.
Dogecoin [DOGE]
brought back enthusiasm in the market as whales accumulated over 470 million $DOGE in just 48 hours.
This significant accumulation indicates renewed confidence among large holders and raises speculation regarding Dogecoin’s potential for a rally.
Moreover, this surge follows an extended consolidation phase, which heightens expectations for a possible bullish breakout. Could this accumulation pave the way for Dogecoin’s next significant advancement in the crypto landscape?
Whale activity and its effect on DOGE price trends
As of now, DOGE trades at $0.3319, reflecting an increase of 0.70% over the past day. Importantly, there has been a sharp rebound from the previously established support zone at $0.31 that had previously stalled downward pressure.
This bounce-back implies that buyers are regaining dominance with immediate resistance anticipated at $0.40 and a critical target set at $0.50. If buying pressure persists, ongoing whale accumulations could drive prices even higher.
Source: TradingView.
DOGE’s NVT ratio reflects increased network activity.
The network value to transactions (NVT) ratio for Dogecoin has surged to 703, marking a substantial rise after an extended duration of low values. This uptick highlights that Dogecoin’s market is expanding more rapidly than its transaction volume—an indicator of enhanced investor sentiment overall.
This growth typically stems from either speculation or prolonged accumulation rather than immediate demand; thus monitoring transaction volume against valuation growth remains crucial.
Source: Santiment.
Daily active addresses display consistent expansion.
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