Dogecoin, the leading meme coin, has been experiencing a surge in whale transactions. Recently, a well-known market analyst shared insights, highlighting critical levels for DOGE. The spike in activity has been accompanied by significant price movements, attracting the attention of traders and investors alike.
What Drives Whale Transactions?
Increasing sell pressure on Dogecoin has coincided with heightened whale activity. Data from Whale Alert revealed the movement of DOGE worth over $61 million. Notably, on July 20, 400 million DOGE valued at $50.33 million were transferred from Robinhood to an unknown wallet. Similarly, on July 23, 77.65 million DOGE worth $10.82 million were moved from Robinhood to another unidentified wallet.
Such large transactions have put the spotlight on critical price levels for DOGE, particularly the $0.15 mark. At the moment, DOGE is trading at $0.1313, after a 6.54% daily decline. However, over the past week, the meme coin has seen a 4.38% rise in value.
Which Levels Are Key for DOGE?
Prominent market analyst RLinda identified crucial price points for DOGE on July 23. According to RLinda, the bottom range for Dogecoin is between $0.10 and $0.05, which previously served as an accumulation zone during the spring. Recently, DOGE dipped to $0.106, retesting this support level. Bullish defense at this price created optimism for an upward trend.
In daily analysis, the analyst indicated that Dogecoin might break its current formation and climb to $0.1437. If bulls remain resilient and uphold support levels at $0.126 and $0.12, the bullish sentiment could prevail in the market.
Investor Takeaways
- Key resistance levels to monitor: $0.1437 and $0.1657.
- Critical support levels: $0.126 and $0.12.
- Increased whale activity could signify rising interest in DOGE.
- Strong defense at $0.106 suggests potential bullish trends.
Based on these insights, RLinda advised traders to keep a close eye on these resistance and support levels. The bullish outlook could lead to a rally if the bulls maintain their strength, signaling potential upward movements in the Dogecoin market.