Price Analysis

Whales Move Millions of DOGE Triggering a 10% Jump-Is Elon Musk Again Pulling Up the Price?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • Dogecoin price witnessed a massive surge since the early trading hours as the market sentiments turned slightly bullish

  • Besides, massive whale movements were registered, raising speculations of a pre-determined rally

After undergoing acute stress, the crypto space has been witnessing a minor upswing in the past couple of days. Meanwhile, the rounds of BlockFi filling for bankruptcy were believed to ignite fresh bearish movements, but the markets rebounded finely following a slight pullback. Meanwhile, Dogecoin again gained the spotlight with a remarkable upswing that assisted the price to reclaim back $0.1 levels.

Massive Whale Movement Captured

No sooner had the DOGE price ignited a significant upswing, than millions of tokens were moved. A popular on-chain data provider revealed the movement of nearly 300 million DOGE from the wallet of the largest Dogecoin whale. 

As per bitinfocharts.com, the whale address is said to be that of Robinhood Exchange. The transfer of 300M DOGE was recorded as the price experienced a significant upswing. Therefore, it points out the rising demand for the asset. In other words, the DOGE price is expected to maintain a significant upswing as the bullish momentum has coiled up. 

Impact on the Dogecoin (DOGE) Price

Trading View
  • Dogecoin price is trading within an ascending trend for the past couple of days as the buying pressure mounted significantly
  • Despite a rejection from 0.38 FIB levels, the price rebounded finely and is again testing the same levels at $0.1053 
  • The price is expected to slice through these levels after a brief consolidation and an attempt to reach $0.11 initially and later rise high to reach $0.12
  • Meanwhile, if the DOGE price faces rejection at these levels, then a drop back to 0.23 FIB levels may accomplish the double-top pattern which may further decline the prices notably

Overall, the Dogecoin price appears to have risen above the bearish pressure and hence may set up a decent upswing hereafter. Besides, the demand for the asset also has surged notably which may elevate the prices ahead. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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