Whales Go Wild: Dogecoin’s $27.5M Shopping Spree! 🐳💸

by

Ah, Dogecoin, the biggest meme coin in the crypto market, is currently trading at a price that makes you wonder if you should be investing or just buying a lottery ticket. At $0.25, it’s like the cryptocurrency equivalent of a half-eaten donut—still good, but you’re not quite sure if it’s worth the calories. With an intraday recovery of 0.52%, it seems like DOGE is trying to pull itself up by its bootstraps, or at least its digital paws.

With a market cap of $37.93 billion, Dogecoin holds more than 50% of the meme coin market capitalization, which is worth a staggering $69.15 billion. That’s right, folks! More than half of the meme coin market is riding on the back of a Shiba Inu. As the DOGE price flirts with a triangle breakout, the anticipation is palpable—like waiting for your favorite sitcom to come back from a mid-season break.

Dogecoin Nears Triangle Breakout: Bulls to Take Over?

In the 4-hour price chart, Dogecoin reveals its long-awaited resistance trendline since mid-January. It’s like that friend who keeps saying they’ll get their life together but never does. However, with a recent recovery from crucial support at $0.24, Dogecoin has now made a symmetrical triangle pattern. Yes, a triangle! Because why not add geometry to our financial woes?

Dogecoin price chart

The resistance trendline has resulted in multiple overhead rejections, which is just a fancy way of saying it keeps getting knocked down. Similarly, the local support trendline has resulted in multiple overpriced rejections, keeping Dogecoin prices above $0.24. It’s like a game of whack-a-mole, but with more money involved.

Currently, the short-term recovery within the triangle pattern is nearing the overhead trendline. With the increasing momentum amid broader market recovery, Dogecoin hints at a potential breakout rally. Or, you know, it could just as easily crash and burn like my last attempt at baking.

Dogecoin Momentum Grows, Resistance as Well

Supporting the upside chances, the 4-hour RSI line has reached the halfway level, signaling a shift in bullish trend momentum. It’s like the little engine that could, but with more digital currency and fewer trains. However, the prevailing downfall has resulted in a bearish alignment of the 50, 100, and 200-day EMA lines. These crucial dynamic levels now act as resistance levels, rising at $0.2583, $0.2670, and $0.2873 respectively. It’s like a digital game of Red Light, Green Light, but the lights are all red.

With the triangle breakout rally, the short-term potential reveals the likelihood of Dogecoin crossing above the $0.30 psychological mark. The two crucial supply zones at $0.31 and $0.42 could act as the next crucial price targets. On the flip side, the support levels remain at $0.24344 and the ever-so-psychological $0.20 mark. Because who doesn’t love a good psychological barrier?

Whale Gathers $27.5M Worth DOGE in 48 Hours

Supporting the chances of a bullish comeback, Ali Martinez, a crypto analyst, has highlighted a growing interest of whales in Dogecoin over the past 48 hours. Yes, whales! Not the kind you see at SeaWorld, but the kind that can buy 110 million Dogecoin in a single gulp.

Whales bought 110 million #Dogecoin $DOGE in the last 48 hours!

— Ali (@ali_charts) February 21, 2025

In case you missed it, that’s worth $27.50 million at the current market price of $0.25. That’s a lot of Dogecoin! Furthermore, Ali Martinez in a different tweet has highlighted a triangle pattern in the hourly chart. Based on his analysis, the overhead trendline is at $0.27 and the short-term recovery within the triangle aims for a breakout rally. It’s like watching a soap opera, but with more money and fewer dramatic pauses.

#Dogecoin

Read More

2025-02-21 17:11