800 Million Dogecoin in 48 Hours? What Happened?

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Significant Dogecoin Activity: 800 Million DOGE Moved

Over 800 million Dogecoin (DOGE) have changed hands in the last 48 hours, sparking considerable interest within the cryptocurrency community. Crypto analyst Ali reports that whales were responsible for the majority of this activity, accumulating these coins.

[Tweet from Ali showing chart of DOGE activity. The tweet itself is not included as per the request to remove code and advertisements.]

This substantial whale accumulation coincides with DOGE maintaining a relatively stable price near $0.16, a key support level for traders. This suggests that large holders are potentially positioning themselves for a future price increase.

Ali's Monday tweet hinted at a potential price surge for Dogecoin. A successful break above $0.17 could propel DOGE to $0.21, or even $0.29, provided the $0.13 support holds.

At press time, DOGE was trading at $0.16, down 2.24% in the last 24 hours. This contrasts with slight gains seen in Bitcoin (BTC) and Ethereum (ETH), reflecting the mixed market sentiment in early Tuesday trading.

Dogecoin Price Analysis

Dogecoin's weekend rally paused as profit-taking emerged on Sunday. Monday saw further declines as buyers encountered resistance at $0.169.

Currently, buyers are attempting to reignite the recovery, but face resistance at $0.169 and the 50-day Simple Moving Average (SMA) at $0.176. A rejection at this level could trigger a drop below $0.14, potentially leading to further selling pressure and a decline to $0.10.

Conversely, a decisive break above the 50-day SMA could propel DOGE towards $0.20. Surpassing this level would complete a double-bottom pattern, potentially leading to a rise towards the pattern target of $0.26 (coinciding with the 200-day SMA). Read the original article on U.Today