Dogecoin (DOGE) has attracted significant attention from crypto investors, with a whopping $110 million funneled into the meme coin by whales over the past 72 hours.
This influx signals a renewed interest in DOGE, which has lagged behind other meme coins in recent gains.
Crypto analyst Ali Martinez highlighted this in a recent post on X (formerly Twitter), revealing that DOGE whales have scooped over 700 million DOGE (worth approximately $112 million).
DOGE 7-day price chart. Source : Finbold
This recent activity suggests that a significant price turn could be on the horizon. Dogecoin has remained below $0.18 for over a month, and a strong rebound from current levels might trigger a fresh rally.
At the time of writing, Dogecoin is trading at $0.1576, reflecting a 1.09% decrease on the daily chart but an 18% increase on the monthly chart.
Historical price action suggests Dogecoin is slowly yet steadily heading towards its highs.
Despite closing the previous month on a bearish note, bulls have regained some dominance. The moving average convergence divergence (MACD) indicator has just turned bullish and entered the positive range, indicating that the rally may continue despite bearish interferences.
Bullish and bearish indicators
Despite a brief downturn where bullish momentum failed to breach the 24-hour high of $0.1613, DOGE found support after dipping to $0.1549. This slight recovery saw DOGE’s market capitalization hit $22.79B, although the 24-hour trading volume dropped by 34% to $536.24 million.
However, bearish risks remain. DOGE’s open interest (OI) has declined by 0.34% to $929.80 million, and derivatives volume has dropped by 39.89% to $1.08 billion.
These indicators reflect underlying bearish sentiment but do not overshadow the substantial whale activity, which suggests a positive outlook for Dogecoin.
Therefore, while Dogecoin is striving to maintain a bullish trend, investors should remain cautious of the bearish indicators.
A fresh upswing may begin if bulls display strength at these levels, potentially driving a significant rally for the meme coin.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
