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- Dogecoin price surges over 40% in a week amid whale buying.
- Whales buy $56 Million worth of DOGE, signaling potential surge ahead
Dogecoin (DOGE) has continued its strong ascent over the past few weeks. The Dogecoin price was up by 40% in a week. Amid post-US election hype that has seen massive inflows, Dogecoin crypto has reaped a massive upsurge. It has reached the 52-week high region.
In the last few days, whales purchased 140 Million of DOGE. That is equivalent to $56 Million. Such accumulation may rise with the price, indicating that this type of investor is exceptionally bullish.
#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
— Ali (@ali_charts) November 15, 2024
This kind of activity can affect the market as these large wallets do not embark on such voluminous purchases whimsically. They do so when they consider that the time is right.
Such bulky buys can attract the retail market, too, and act in one favor. They will consider it a vote of confidence in the Dogecoin market.
Dogecoin Price Action and Key Levels Analysis
Historically, Dogecoin crypto has thrived after each election cycle. This time, it has surged more than 150% after Trump’s win. In the last few sessions, whales have significantly accumulated Dogecoin, with holdings near the $1 Billion mark.
When writing, the Dogecoin price traded at $0.3779. It noted an intraday rise of over 2.30%. Its market cap rose to $55.47 Billion, ranked 7th among the top crypto coins.
Furthermore, the price action implied a bullish outlook for the long term. The token’s price stayed above the significant moving averages.
The Relative Strength Index (RSI) line stayed around 79, conveying bullish readings. A positive crossover was witnessed, replicating a strong bullishness.
The Chaikin Money Flow (CMF) indicator represented the increased inflows in the market. At press time, the CMF reading was around 0.23.
The On-Balance Volume (OBV) also spiked significantly, conveying a massive buyer accumulation. Over the last seven days, the trading volume surged over 71%. It has revealed the buying pressure.
Dogecoin Signals Bullish Outlook as it Enters “Optimism” Stage
Using the psychology of the market cycle, the Dogecoin price is still at the ‘optimism’ stage. That means the coin is at the start of making bullish movements.
As in any other cyclic market expansion or bull phase, this stage of optimism among the investors has to be moved to a stage. The stage is called ‘belief,’ ‘thrill,’ and ‘euphoria.’
#Dogecoin is at the "Optimism" stage in the Psychology of Market Cycle
— Trader Tardigrade (@TATrader_Alan) November 15, 2024
Next up: "Belief"…"Thrill"…"Euphoria"
Are you ready for the $10 $DOGE ? pic.twitter.com/4ewwQ7bifU
In a recent tweet by Trader Alan, he concluded that Dogecoin is moving to a higher stage in the cycle. This means that it will allow a higher uptrend ahead.
He added that some cycle stages were negative, and Dogecoin has managed to transition beyond. Other cycles are ‘panic’ and ‘capitulation.’
Looking at the futures market data, the funding rates data stayed positive. This means traders are still confident in buying Doge, and the demand for long contracts is persistent.
The immediate support zones for Dogecoin were $0.3500 and $0.3300. On the other hand, the upside hurdles were $0.4000 and $0.4200.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
