DOGE Surges 1,023% on Major Exchange as Whales Step In: What's Next?

Cover image via U.Today

Data from CoinGlass reveals a dramatic surge in Dogecoin (DOGE) trading volume on the OKX exchange, spiking by 1,023% within a single hour.

Such significant hourly volume increases often suggest heightened buying pressure, potentially driven by large holders or whales. This activity coincided with Dogecoin's price rebounding after a substantial sell-off in the preceding week, reaching an intraday high of $0.204.

Trading volume can be a valuable indicator of trader sentiment, and these spikes may signal attempts to capitalize on market volatility.

DOGE recorded a 2.47% gain for the day, trading at $0.201 and continuing its recovery from the previous Sunday. After a six-day decline, Dogecoin bounced back from a low of $0.188 on Sunday. The rebound peaked at $0.204 in early Monday trading, bringing the $0.21 resistance level, aligning with the daily SMA 200, into focus.

Currently, DOGE is consolidating, with momentum building between its 50-day and 200-day Simple Moving Averages (SMAs) at $0.195 and $0.2099, respectively. Sellers defended the $0.204 intraday high, leading to a price rejection and subsequent volume decrease.

So, what's next for Dogecoin's price trajectory?

Bears initiated a sell-off at $0.287 on July 21st, pushing the Dogecoin price down to $0.188 before the subsequent rebound. Previous：Without Next：Without