The Dogecoin market is regaining investors' attention with a significant uptrend. Despite the positive momentum, a cautionary note has been introduced. Here's what the analysis indicates for the future price movement of DOGE.
A whale transferred a massive amount of 155 million Dogecoin to Robinhood, raising questions about potential profit-taking. While this move was not confirmed as a sale, its timing triggered anxiety among traders.
Yet, analysis of traders’ and investors’ activities reveals a clear bullish trend and an accumulation of DOGE tokens. At the time of analysis, long leveraged positions amounted to $22.64 million, significantly exceeding the $18.85 million leveraged short liquidation.
DOGE was trading around $0.195, marking an increase of over 6.5% in the last 24 hours. According to the chart analysis, Dogecoin appears bullish and is poised for a significant uptrend.
If DOGE closes a daily candle above $0.1985, it could trigger a major advance towards $0.25, representing a potential 25% increase from current levels.
At the time of writing, DOGE is showing a buy signal on the Ichimoku 4H cloud for the first time since May 7. Unless Bitcoin drops below $108,000, DOGE is expected to test its short-term resistance and 4H POC at approximately $0.227. This implies a potential 12% increase in the coming days.
The weekly structure of the memecoin provides optimism. After retesting the demand zone, DOGE could continue its ascent towards the major resistance at $0.45.
The cryptocurrency market is ever-evolving, and DOGE is no exception. Whale movements and traders’ activity can significantly impact prices. It’s crucial to closely monitor trends and data to make informed decisions in this complex environment.
The path to a 25% increase for DOGE looks promising, with investors remaining optimistic about its future prospects.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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