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Dogecoin: Whales push price up, is $0.5 next for DOGE?
Whale activity has ignited optimism in the cryptocurrency market, as Dogecoin’s (DOGE) value surges with growing accumulation and breakout signals. According to recent data, over 1.08 billion DOGE have been accumulated by whales within the past 24 hours, paving the way for substantial price increases.
In light of this extraordinary surge, it is not unreasonable to anticipate that the cryptocurrency may potentially surpass its previous resistance levels and reach the psychological target of $0.5 in the near future. This prediction gains further credence when considering the network’s technical indicators and derivative market sentiment.
DOGE has just recently broken out above a falling wedge pattern, which often serves as an indicator for potential price increases. Furthermore, the Average Directional Index (ADX) currently stands at 27, indicating a significant increase in trend strength that aligns with the overall sentiment among traders.
To further support this narrative is the fact that network statistics demonstrate substantial growth across various metrics. Active addresses have risen by 111.32% over the past week, while new addresses have seen an increase of 102.40%. The growth in active users and newcomers to the DOGE ecosystem may help ensure a more stable market environment.
Moreover, data from IntoTheBlock reveals that larger transactions have seen a significant surge, with transactions above $1 million increasing dramatically. This suggests heightened engagement across all levels of investors, from retail to institutional players.
In addition to these indicators, there is evidence in the derivatives markets that indicates increased speculative interest in DOGE. Coinglass reports an impressive rise in open interest (OI) and options OI, as well as a substantial increase in trading volume, now standing at $4.06 billion. This collective sentiment among traders lends further credence to the possibility of DOGE reaching its target price.
On this basis, it can be concluded that the data supports the notion that Dogecoin is primed for further growth and may eventually breach the highly anticipated mark of $0.5 in the near future.
Source: ambcrypto.com
