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Whales Accumulating DOGE: Is A Major Uptrend On the Horizon?
Whales Holding 100 Million to 1 Billion coins have jumped from 20.75% to 21.55%.
The daily DOGE price chart reveals the formation of an interesting pattern with the price hovering at a crucial zone.

Dogecoin price seemed to be taking a pause near the 20 day exponential moving average. While the long term trend points to a bullish outlook, the immediate trend awaits a surge in trading volume to establish a definitive direction.

Recent trading sessions have unveiled notable whale transactions, suggesting a potential surge in Dogecoin’s value. Additionally, the current general market conditions seem favorable, which could bolster the cryptocurrency.

Let’s analyze all the essential factors supporting this scenario to determine if investing in Dogecoin over the coming month is a prudent decision.
Whales Accumulating DOGE
Though the Dogecoin has performed negatively in the last week recording a loss of nearly 3.10%. Still, there has been a significant rise in holdings of large wallets. The whales holding 100 Million to 1 Billion have seen an increment from 20.75% to 21.55%.

<iframe title=”Santiment Chart: [10,000,000 – 100,000,000) coins % (DOGE), CRYPTOCAP:DOGE</a> in the past 72 hours, worth around $112 million! <a href=” Ali (@ali_charts) <a href=” 31, 2024</a></blockquote> <script async src=” charset=”utf-8″></script>

This significant whale activity could be indicative of an impending bullish trend. Typically, these large-scale investors position themselves in the market well ahead of average retail investors, leveraging their greater resources and access to information.
Can Doge Surpass Annual Highs?
The daily chart showcases the formation of a rising channel pattern with the price currently placed near the support zone of the channel. The Long term trend outlook is bullish which may invite the bulls at the discounted price.

On the higher side, the $0.175 level has been acting as a strong hurdle for the bulls. Now, if the DOGE bulls are able to surpass the price beyond the $0.175 it may indicate a breakout. thereafter, the price may rise towards the annual highs of $0.228.

However, any breakdown below the $0.15 may invalidate the bullish breakout scenario and the price may decline towards the 200 day EMA near the $0.130 level.
Conclusion.
Dogecoin price seemed to be stabilizing near the 20-day EMA, hinting at a bullish long-term trend. However, the short-term direction is unclear as volume inflow is low at the moment. Despite a 3.10% weekly loss, whale holdings have risen from 20.75% to 21.55%.

Moreover, The daily chart shows a rising channel pattern with the price suggesting a buying opportunity. Now, If Dogecoin breaks past $0.175, it could reach $0.228, while falling below $0.15 may lead to a decline towards the $0.130 200-day EMA.

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