Time to Buy DOGE? Whales Buy 470 Million Dogecoin

Amid the ongoing market recovery, Dogecoin (DOGE) appears promising as whales show strong interest and confidence in the world’s largest meme coin.

Whale Buys 470 Million DOGE

On January 11, 2024, a prominent crypto expert posted on X (formerly Twitter) that crypto whales have purchased a significant 470 million DOGE in the past 48 hours.

Looking at DOGE’s daily chart, it appears that this significant purchase of DOGE occurred between the $0.314 and $0.355 levels. This data indicates that the current price range might present an ideal opportunity to add or buy more meme coins.

Current Price Momentum

Currently, DOGE is trading near $0.334 and has experienced a price surge of over 4.5% in the past 24 hours. During the same period, its trading volume jumped by 15%, indicating that more investors and traders are engaging with the token as sentiment appears to be quietly improving compared to the past few days.

Dogecoin (DOGE) Technical Analysis and Upcoming Level

However, DOGE has found support at the crucial $0.31 level and is poised for upside momentum. Historically, the meme coin has bounced off this support level multiple times, each time witnessing significant upward momentum. This time, experts and analysts are speculating a similar outcome for DOGE, which explains the reason behind the 470 million accumulation.

According to expert technical analysis, DOGE is currently facing minor resistance at $0.34 and appears to be struggling to breach this level. Based on recent price action, if DOGE surpasses this resistance and closes a daily candle above the $0.345 level, there is a strong possibility it could rally by 15% to reach the $0.40 level in the near future.

RSI Signals Recovery Potential

In addition, DOGE’s Relative Strength Index (RSI) is nearing the oversold area, indicating a potential recovery that could unfold in the coming days.

Bullish Trends with a Correction Phase

As of now, the sentiment across the cryptocurrency landscape is bullish, though it appears to be part of a price correction. However, significant upside momentum might be witnessed after the inauguration of President-elect Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President scheduled for January 20, 2025.