Meme cryptocurrency Dogecoin (DOGE) is recording increased whale activity despite facing short-term bearish pressure.
According to data provided by Whale Alert, the meme coin has seen the movement of tokens valued at over $61 million in recent days. For instance, on July 20, 400 million DOGE valued at approximately $50.33 million was moved from Robinhood to an unknown wallet. Similarly, on July 23, another 77.65 million DOGE valued at about $10.82 million was also moved from Robinhood to an unknown wallet.
Amid the whale activity, DOGE is battling key resistance levels, with the $0.15 mark remaining a key target. By press time, the meme coin was trading at $0.13, with daily losses of over 5%. However, on the weekly chart, the meme coin is up over 3%.
DOFE seven-day price chart. Source: Finbold
Key DOGE price levels
To gather insights regarding how DOGE will likely trade, crypto analyst RLinda on TradingView highlighted some key price levels to watch on July 23.
According to RLinda, Dogecoin’s market bottom is between the $0.10 and $0.05 range. This area has shown strong accumulation, as evidenced by the price movement in the spring.
The recent retest around $0.106 demonstrated that bulls are determined to maintain control, suggesting positive medium-term prospects.
DOGE price analysis chart. Source: TradingView/RLinda
The analyst observed that on the daily chart, Dogecoin’s price is breaking through the trend resistance of the wedge pattern, forming a small rally towards $0.1437. The market will likely retain its bullish phase if bulls can hold their positions and maintain defenses above the $0.126 to $0.12 support levels.
In her view, the price movement will likely lead to a breakout of the local high and a subsequent rise to all-time highs. Therefore, RLinda noted that investors need to watch the key resistance levels at $0.1437 and $0.1657, while the support levels are $0.126 and $0.12.
“There is no fundamental analysis, but technically, there are good prospects. Various services are showing a spike in whale activity in DOGE, which could signal increased interest. I expect a positive outcome from the bulls with a subsequent rally to the zones of interest,” the analyst added.
Overall, DOGE is looking to claim the $0.15 mark, with market consensus noting that the level would likely usher in a new record high.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
