Pearl
Bitway
NEAR Protocol
Sui
Pudgy Penguins
Starknet
Pons
- The trading volume has surged by 242% over the past 24 hours.
- Dogecoin has witnessed a spike of 28.56% in an intraday session.
- DOGE price has risen to $0.196, approaching the resistance level of $0.2200.
Dogecoin (DOGE) price has witnessed parabolic recovery on a daily time frame. Dogecoin surged by more than 40% after triggering a pullback. A massive transfer of 1 billion Dogecoin from Binance to an unknown wallet has been seen. That may impact the DOGE market positively.
When writing, the DOGE crypto traded at $0.198 with an intraday gain of more than 17%. At press time, it was one the largest memecoin, ranking 8th in the cryptocurrency market. It has a market capitalization of $29.14 Billion and a 24-hour trading volume of $11.20 Billion.
DOGE Price Technical: Will Dogecoin Go Up?
During the daily time frame, the DOGE price has been bullish and triggered a pullback. It has displayed buying pressure after the pullback and has reached the last swing high.
Buyers may remain strong if the crypto asset price manages to sustain the last swing high. The trading volume has also enhanced, which could hold the bullish momentum. If the price reaches the $0.300 mark, it may remain bullish.
Alternatively, if buyers book profit, it may show price rejection from the last swing high. If buyers lose momentum, then it may melt into the 20-day EMA. Once the price starts trading below the 20-day EMA, it could be dropped to the 200-day EMA.
DOGE crypto has been getting close to the overbought level of 70. However, its RSI was currently at 65.67. This suggested strong bullish momentum.
A pullback is more likely if the RSI crosses above 70. This could indicate an overbought situation. However, if demand stays strong and the RSI settles just below 70, Dogecoin will probably keep rising.
Analyst D_DTRADING claimed that Dogecoin has “great strength.” That’s because it has demonstrated an upward trend by consistently adhering to demand zones. The analyst also believes that the outcome of the current US election is responsible for Dogecoin’s bullish performance.
“If Trump wins, I expect a very strong candle upwards because I expect Dogecoin to be tied to his victory.” He composed.
Enhanced Whale Activity and Buying Pressure
A post on X by Whale Alert detector alerted users to the transfer of approximately 999,999,999 DOGE, or $169.2 million. This transfer happened from Binance to an unidentified wallet.
When large holders, or “whales,” remove their assets from exchanges, it shows they have no immediate plans to sell. Additionally, it reduces the amount of Dogecoin in circulation on the exchange. This transfer might be a bullish indication that attracts long-term holders.
Bullish Sentiment Supported by Increasing Network Activity
The network activity of Dogecoin has been increasing, with over 35,000 new addresses being generated every day. The DOGE price increase gains fundamental strength from these rising active addresses. That indicated growing adoption.
DOGE’s potential for liquidity and market stability increases with the number of users joining the network, probably extending its bullish trend.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
