Dogecoin Doubles in One Week, Driven by Whale Participation

Dogecoin has surged, reaching a 100% increase in just one week, as investor sentiment remains highly optimistic.

Azcnews Dogecoin Doubles In One Week, Driven By Whale Participation

Dogecoin, the leading cryptocurrency in the “meme coin” field, continues to stir the crypto market with remarkable achievements. Over the past few days, DOGE has been on a strong rise, recording an impressive growth of up to 100%, bringing DOGE’s price up twice in just 1 week.

The optimism surrounding DOGE is fueled by recent price action, strong interest from traders and investors, and positive on-chain metrics.

Dogecoin Technical Analysis and Key Levels

Doge Usdt Chart
Doge Usdt Chart

Based on the technical analysis, DOGE is facing a key resistance level at $0.29 — a level it last touched in November 2021. Given the current situation and bullish market sentiment, DOGE is likely to easily surpass this level.

If the memecoin breaks the resistance and closes the daily candle above $0.226, DOGE is likely to surge and move towards $0.34 in the coming days. Currently, DOGE is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating a clear bullish bias.

Whales and Investors Involvement

In addition, DOGE’s large trading volume has increased by 5.5% in the past 24 hours, according to data from IntoTheBlock.

This significant trading volume reflects strong participation from institutional investors and “whales” as DOGE price approaches the resistance, opening up a potential upside outlook.

Considering all the metrics, IntoTheBlock is now bullish on Dogecoin.

DOGE Open Interest Increases

Doge Open Interest
Doge Open Interest

Read more: Bitcoin Continues to Set New ATH, Following Historical Cycles

According to Coinglass, a chain analytics firm, traders are placing a lot of faith in DOGE. Data shows that DOGE’s open interest has increased by 19% in the past 24 hours and is continuing to increase. This increase shows strong confidence in the meme coin and could support its upcoming price increase. Combining on-chain metrics with technical analysis, it can be seen that buyers are dominating the Dogecoin market. During the same period, trading volume has increased by 43%, showing strong participation from investors and traders as DOGE approaches a key breakout level.

0.0/5

Love

Latest

Azcnews Hbar Soars Over 100% In 7 Days Amid Positive News

News | Altcoin | Editor Choice

HBAR Soars Over 100% in 7 Days Amid Positive News

HBAR has surged more than 100% over the past 7 days, following positive news about BlackRock's money market fund (MMF) being deployed on Hedera's distributed ledger platform, as well as a partnership with SpaceX.

Bitwise Registers Solana Etf In Delaware

News | Altcoin | Policy & Regulations

Bitwise Registers Solana ETF in Delaware

Asset management firm Bitwise has just established a Solana ETF and registered it in the state of Delaware. The company will soon submit an official application to the SEC.

Azcnews What Caused Goat's Price To Drop 20% In Just 24 Hours

News | Altcoin | Editor Choice | Memecoin

What Caused GOAT’s Price to Drop 20% in Just 24 Hours?

The price of memecoin GOAT continues to plummet after reaching its peak, recording a drop of more than 20% in the past 24 hours, becoming one of the worst-performing coins on the market.

Trump Seeks To Appoint Crypto Specialist To His Administration

News | Editor Choice | Policy & Regulations

Trump Seeks to Appoint Crypto Specialist to His Administration

Donald Trump is looking for someone to appoint to a completely new position in the White House as a dedicated advisor on cryptocurrency.

Azcnews Bitcoin Nears $95k, Putting 100% Of Investors In Profit

News | Analytics | Bitcoin | Editor Choice

Bitcoin Nears $95K, Putting 100% of Investors in Profit

With Bitcoin at an all-time high, 100% of investors holding the coin are in profit.