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Dogecoin (DOGE) Whales Accumulate Amid Price Crash, Analyst Reveals Catalyst That Could Drive DOGE to $0.5
The price of Dogecoin (DOGE) has been on a downward trend in recent days, but despite this decline, the asset’s whales are reportedly accumulating their holdings. According to data analyzed by a prominent crypto analyst, these whales have increased their positions amid the market downturn.
As reported by Bitcoinist, DOGE is currently trading at around $0.16, up over 2% in the last 24 hours. This sudden uptick has led some analysts to believe that the asset may be due for an explosive rally.
A prominent crypto analyst believes that Dogecoin (DOGE) whales are accumulating their positions amid the market downturn.
Analyst: DOGE Whales Accumulating
In a recent tweet, well-known crypto analyst Trader Tardigrade announced that he has observed significant whale accumulation in Dogecoin. According to him, these large-scale investors have been buying up DOGE at discounted prices as the market has taken a downward turn.
DOGE 3D chart indicating whale accumulation | Source: Twitter @TraderTardigrade
He emphasized that this increase in whale accumulation could be an indication of a larger rally to come. The analyst stated that if the Bitcoin (BTC) price holds up and macroeconomic data and monetary policy adjust, then this might be the last opportunity to buy DOGE relatively cheaply.
Meanwhile, another prominent crypto analyst has also weighed in on the potential for DOGE’s price to rise significantly. In a recent tweet, Trader Tardigrade revealed that he is closely monitoring DOGE’s price action due to his observation of whale accumulation and the asset’s 3-day Relative Strength Index (RSI) at historical lows.
DOGE RSI | Source: Twitter @TraderTardigrade
He emphasized that if these conditions continue to hold, DOGE could be on track for an explosive rally.
Source: https://bitcoinist.com/dogecoin-whales-accumulation/
