In recent weeks, there has been a significant increase in the activity of major holders of Dogecoin. This article will examine how this impacts the market and the price of the token.
Whale Accumulation Intensifies
Over the past month, wallets holding between 100 million and 1 billion DOGE have acquired over 1 billion tokens. According to crypto expert Ali, this signifies growing confidence among major market participants.
Dogecoin Price Dynamics
From May 4 to May 7, as whales were actively accumulating tokens, the price of DOGE surged from $0.13 to a high of $0.22, a 57% increase that coincided with the rise in whale holdings, indicating they may have anticipated this move.
Technical Indicators and Forecasts
Currently, DOGE is consolidating between $0.22 and $0.24. Key resistance is around $0.26, and breaking above this level could lead to a rise towards $0.30. Technical indicators remain neutral, with RSI around 51, allowing for potential further gains.
At this point, the accumulation of DOGE by whales and positive technical indicators may signal continued bullish trends in the coming weeks.
