The general crypto market seems to be performing very well as the weekend approaches. The crypto tracker platform shows that the market is up by more than 1% today, December 22, 2023. The broader positive sentiment has affected the price of Dogecoin.
But know that DOGE is still struggling below $0.1 even though the space is bullish. The big question is whether Dogecoin will continue to stay below $0.1 or whether the bulls will regain momentum.
Notably, while DOGE is not going as planned, it’s still the top meme coin in the entire crypto market.
Dogecoin Price Action
As we all know, DOGE Price is mostly driven by hype and humour. Back on November 1, Dogecoin was trading around $0.069. A few days later, it dipped to $0.066. The chart showed that Dogecoin stayed pretty quiet the first week of November.
But then, on November 6, Doge suddenly shot up. Prices hit about $0.077. But as more people took profit, it went south, and the price dropped back to $$0.068. However, the bulls regained strength on November 18. DOGE’s price surged again, this time breaking above the $0.08 level.
Again, Dogecoin’s rally soon faded. It pulled back down to the $0.07 area for the rest of November. These likely disappointed bulls hoping for a bigger breakout. In December so far, things seem to be going differently. Since December 1, Dogecoin has been on a steady uptrend.
On December 11, it reached a significant level of $0.1. this pump represents a growth of more than 40% from $0.07. Unfortunately, Dogecoin has lost some of these gains. At the moment (07:36 a.m. EST), DOGE is trading at $0.09 with a volume of $954 million.
According to CoinMarketCap, the coin is up in the last 24 hours by almost 1%. But over the past seven days, DOGE is 2.89% down. This implies that maybe the bulls are rebuilding strength to take full control of the Dogecoin movement.
Some DOGE investors still hope for an end-of-year rally, especially if Elon Musk tweets about it again.
Dogecoin Whale Made Wild Move
A few days ago, mega DOGE holders loaded up a massive 1.32 billion more coins into their wallets. That’s about a 77.7% increase from the previous loading. IntoTheBlock reports that these big players now hold around $126.72 million worth of DOGE, representing a huge amount of money.
Well, this signals that these influential whales remain super optimistic about Dogecoin’s future. Further, these wallets are in control of 0.1% of all Dogecoin in existence. So, these holders are among the big players in the Dogecoin community.
Normally, when tons of coins funnel into these whale wallets, you also see a bunch flowing out as they sell. But understand that the number of coins leaving was way smaller in comparison.
Only around 355 million DOGE tokens were withdrawn. This amount is 3 times less than the nearly 968 million flowing in.
This shows that it seems these trading titans gobbled up DOGE aggressively but didn’t dump much back onto the market. That imbalance often means the whales expect big gains ahead.
They want their giant stacks locked and loaded for major rewards soon rather than cashing out now.
Dogecoin Approaches Trendline: Will it Bounce Back?
Dogecoin’s been on a rollercoaster lately. On December 10, after hitting a strong resistance at $0.10, the price made a U-turn. According to TradingView, it’s now heading down, approaching a bullish trendline. If this trendline holds strong, we could see the price bounce back up soon.
That’s great news for investors. Adding to the optimism are the SMA lines (the yellow 50-day and red 200-day averages). These lines show healthy support now. Moreover, the Relative Strength Index (RSI) sits comfortably above 50.
This signals that the current selling pressure is stable, not extreme.
But keep watch at the solid support around 5.6 cents, where lots of action could happen. For bears to fully take over, they’d need to smash both the bullish trendline and SMAs. But that would require massive selling power.
This is good news for Doge supporters. It suggests the Bulls can still keep the momentum going.
If the trendline and SMAs stay solid, we may see a Dogecoin comeback shortly. But remember, crypto moves unpredictably. Stating any coin’s next move with certainty is super tough.
But while DOGE enthusiasts await a potential rebound, forward-thinking investors could diversify to the latest buzz in the market, Bitcoin Minetrix.
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