Dogecoin (DOGE) is attracting renewed attention as whales make significant purchases, signaling growing confidence in the token. After a period of sideways movement, the cryptocurrency shows signs of upward momentum. Analysts are closely observing its next moves as $DOGE aims for a potential rally.
At the time of writing, DOGE is trading at $0.2663, with a 24-hour trading volume of $6.07 billion and a market capitalization of $40.23 billion. The token has experienced a slight decline of -3.29% over the last 24 hours.
Recent whale activity caught the analyst’s eye. Popular crypto analyst Ali Martinez reported that major holders purchased more than 158 million Dogecoin during recent trading days. This type of significant buying is a reflection of growing confidence in the token among major investors.
Meanwhile, another prominent crypto analyst, Alpha Crypto Signal, highlighted that Dogecoin had broken out of the recent sideways price range of $0.22 and $0.24. A breakout with expanding trading volume is a signal of directional movement after a long period of lateral movement.
Currently, $DOGE is encountering resistance near the $0.29–$0.30 area. Analysts believe that a return correction back into the $0.24–$0.25 neighborhood might be a favorable long-entry spot, pending the coin maintains the bullish pattern below this. Investors are closely observing as Dogecoin strives to establish a clear ascending trend.
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The Relative Strength Index (RSI) is 41.89, so there is weak buying pressure, and the signal line is 51.55, so sellers are gaining control. The MA Ribbon shows major averages at 0.27318, 0.27402, 0.25157, and 0.23561, while the price level of 0.26558 is below the short-term averages.
Looking at the MACD, the line is at -0.00177, the signal is at -0.00125, and the histogram is slightly positive at 0.00053. This small gap is an indication of an inability to build strong momentum, and no strong bullish crossover is yet being formed.
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