Dogecoin (Doge) has experienced a noticeable price rise this month, surpassing previous levels of resistance.
The recent surge has been driven not only by the positive market conditions but also by the actions of key Doge holders. As DogeCoin continues to gain momentum, it can even turn upside down even further if the trend continues.
Dog Coin Whirlpool changes the wind
The Dogecoin whales have been a key driver of recent price movements, showing bullish sentiment since the beginning of this month. Over the past week, addresses with 100 million to 1 billion Doges have accumulated over $2 billion Doges worth about $500 million.
This accumulation by this large-scale holder shows strong confidence in Dogecoin’s future potential. Support from these whales is essential to pushing memecoin higher and provides a solid foundation for further price increases.
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Goodcoin’s overall momentum has shifted from bearish to bullish thanks to key technical indicators. The 50- and 200-day index moving averages (EMA) have recently formed a golden cross, indicating a major shift in market sentiment. The Golden Cross ends a five-month long bearish period marked by the Death Cross, suggesting that the path ahead of Dogecoin may be more advantageous.
This crossover is an important indicator that suggests that Altcoin is poised for further growth as the long-term outlook improves. Prices could continue on an upward trajectory in the coming weeks if Dogecoin continues to maintain its momentum and experience strong support.
Doge Price continues to rise
At the time of writing, Dogecoin is trading at $0.246 and has recently broken its resistance level of $0.241. To maintain upward movement, Dogecoin needs to convert this level into solid support. If they can hold more than $0.241, they will likely continue to rise, with $0.273 serving as the next major resistance.
Doge accumulation by whales is expected to raise the price to a resistance level of $0.273. As Golden Cross continues to signal bullish momentum, Dogecoin’s price could surpass this resistance and continue to rise.
However, if bullish momentum cannot be strengthened, Dogecoin could experience integration between the $0.241 and $0.218 levels. This scenario shows a weakening of market trust, causing temporary price pulls. If this occurs, bullish outlook will be invalidated and further losses may continue.
Post-2 billion Doge Accumulation triggered Golden Cross, and Dogecoin Price was first made in Beincrypto.
