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Dogecoin Whales on the Move: 270 Million DOGE Shifted Within 96 Hours
Recent price action has revealed a significant movement of Dogecoin (DOGE) by whales, with a staggering 270 million tokens being transferred within just 96 hours. This unprecedented shift in ownership may have a profound impact on the market and could potentially influence future price fluctuations.
As we previously reported, DOGE’s value has been trending upwards since recovering from a low of $0.261 on Dec. 20. The cryptocurrency rallied to reach a high of $0.34 on Dec. 24 before experiencing some downward pressure. As of now, DOGE is trading at $0.332, down 15% from its weekly highs.
The sudden whale activity could be an indication that market participants are re-evaluating their positions or seeking to capitalize on the current upward momentum. It’s crucial for traders and investors to monitor this development closely as it may signal a potential shift in DOGE’s fundamental analysis and technical indicators.
Dogecoin is currently trading within a range since its December 20 low. In a two-day rise, DOGE had reached a high of $0.34 on Dec. 24 before encountering some resistance. As things stand now, DOGE is up 3.93% over the past 24 hours to $0.332 and down 15% weekly.
On the upside, DOGE may face obstacles at $0.349 ahead of its daily MA 50 at $0.373. The coin could subsequently move towards $0.43, which is expected to serve as a significant level of resistance.
In case of a price decrease, support is anticipated at $0.27 and $0.23, with the daily SMA 200 at $0.182 serving as a critical level.
U.Today will keep monitoring this situation closely for any updates and market implications.
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only.
Source: u.today
