Dogecoin Shows Bullish Potential: Whales Hold 41% of Supply
The Essentials at a Glance
Dogecoin (DOGE), the most famous meme cryptocurrency, is showing signs of a possible bullish development. A look at the current charts and market data suggests that now might be the perfect time to invest in DOGE. With an impressive price increase in the last week and a positive market sentiment, Dogecoin could be on its way to retesting its April highs.
Why Dogecoin is Becoming Interesting
Dogecoin has managed to significantly strengthen its position in the crypto market within a week. According to CoinMarketCap, DOGE recorded a price increase of over 2% on a weekly basis and even over 5% in the last 24 hours. With a current trading price of $0.1096 and a market capitalization of more than $15.9 billion, Dogecoin continues to attract investor interest.
The positive sentiment surrounding Dogecoin is underscored by high social activity and ongoing interest in the crypto community. A bullish falling wedge pattern on Dogecoin’s chart suggests that an upward movement may be imminent, which could bring the price back to the April highs.
Technical Indicators and Whale Activities
The analysis of technical data from Santiment shows an improvement in Dogecoin’s MVRV ratio, which can be interpreted as a bullish signal. In addition, the speed at which DOGE is used in transactions has increased. However, DOGE’s trading volume has fallen, which usually indicates an impending price correction.
Another interesting development is the high concentration of Dogecoin in the hands of whales. Data from IntoTheBlock shows that whales hold 41% of the total DOGE supply, suggesting that they have a larger long position compared to small investors.
What do the Charts Say?
A look at Dogecoin’s daily chart reveals that the Relative Strength Index (RSI) is showing an upward trend and the MACD line is suggesting a bullish crossover. This could indicate an impending price increase. However, the Chaikin Money Flow (CMF) is showing a move downwards, which supports the bears.
Our Assessment
The current developments and data suggest that Dogecoin is at a possible turning point. The combination of a bullish chart pattern, positive market indicators, and strong whale activity could speak for an upcoming upward movement. However, investors should be cautious and closely monitor market development, as cryptocurrencies are highly volatile and there is a risk of price corrections. Dogecoin remains an interesting option for crypto enthusiasts looking for promising investment opportunities.
Sources: CoinMarketCap, Santiment, IntoTheBlock
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