Dogecoin is facing a crucial moment as 60,210 addresses that collectively purchased 36.4 billion DOGE at an average price of $0.11 may be looking to avoid losses.
If Dogecoin, currently trading at $0.10, fails to reclaim this critical level, a sell-off could ensue as investors look to minimize their downside.
60,210 addresses bought 36.40 billion $DOGE at $0.11! #Dogecoin must reclaim this level soon to sustain a bullish outlook. Otherwise, a failure to do so could lead to a sell-off as investors may seek to minimize losses. pic.twitter.com/BABwVfPGem
— Ali (@ali_charts) October 3, 2024
Analyst Ali Martinez has pointed out that Dogecoin is on the verge of retesting the breakout point from a falling wedge pattern. Should this level hold, it could provide the necessary support for a rebound, potentially propelling DOGE to $0.16 in the near future.
Dogecoin Whales Have Bought Over 1 Billion DOGE
Adding to the bullish case, whale activity has ramped up significantly. Over the past 24 hours, Dogecoin whales have purchased more than 1 billion DOGE, worth approximately $108.7 million. This accumulation indicates strong confidence from large holders, signaling that they expect the price to rise.
#Dogecoin whales bought over 1 billion $DOGE in the last 24 hours, totaling roughly $108.7 million! pic.twitter.com/2aSevCd7Lm
— Ali (@ali_charts) October 4, 2024
However, the pressure is on for Dogecoin to maintain key support levels. If it fails to break past $0.11, the sentiment could shift bearish, leading to increased selling pressure from those looking to exit their positions before further declines.
As Dogecoin continues to trade in a critical range, all eyes are on the $0.11 level. Whether it can reclaim this zone will likely determine the next major move, with a potential surge toward $0.16 if support holds, or a sell-off if it fails to do so.
It looks like #Dogecoin is retesting the breakout point from this falling wedge. If this level holds, $DOGE could soon rebound and march toward $0.16.
If you want to join me, sign up using my referral link https://t.co/73n8mWavUX, and let’s trade this one together! pic.twitter.com/ILXf06I5zc
— Ali (@ali_charts) October 2, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/dogecoin-must-reclaim-key-0-11-level-to-avoid-sell-off/