Dogecoin Price Eyes 7% Gains As Whales Accumulation Intensifies

The Dogecoin price is in a bullish setup that may result in a change in its fate. The hype around the meme coin intensified due to the Elon Musk and Donald Trump interview. Many DOGE enthusiasts speculated that the tech mogul would mention Dogecoin somewhere in the conversation, although it didn’t happen. The Dogecoin analysis reveals that whales are accumulating the coin, suggesting a price rise may follow soon.

DOGE Whales Accumulation Signals Rally Ahead

Whales, often insiders and key market movers, can signal shifts in market direction through their actions. According to IntoTheBlock data, Dogecoin whales (large holders) added $1.1 million worth of DOGE to their portfolios between August 12 and 13, indicating they might be anticipating a price increase soon.

This speculation is further reinforced by Dogecoin investors collectively withdrawing their coins from exchanges. On August 13, IntoTheBlock reported a net negative exchange flow of DOGE amounting to $1.02 million, suggesting that investors are planning to hold onto their DOGE in anticipation of a price rise.

Currently, over $1.5 billion worth of DOGE is “at the money,” meaning more than 103,000 addresses purchased DOGE at prices between $0.101 and $0.11. If the Dogecoin price falls below this range, 14.63 billion DOGE could go underwater.

However, Dogecoin price analysis points to potential 7% gains in the coming days, which could push these holdings into profitability.

Dogecoin Price Must Beat These Barriers for 7% Gains

DOGE price is currently in a downtrend, trading below the 50-day exponential moving average (EMA) at $0.10531 and the 200-day EMA at $0.11421. The price has been moving within a rising channel, indicating a potential short-term bullish correction within this broader bearish trend.

The current resistance levels for the DOGE price include $0.1053, the first significant barrier, $0.1100, aligning with the upper mid-range of the channel, and $0.11421, a key level that could indicate a trend reversal if breached.

Dogecoin also has support levels at the lower boundary of the ascending channel, around $0.1000.

The $0.0950 and $0.0900 price points are further support levels that could be tested if the price breaks below the ascending channel.

The Relative Strength Index (RSI) is slightly bullish at 53.18, showing mild upward momentum. This suggests the price might test higher resistance levels within the channel. The Chaikin Money Flow (CMF) supports this assessment since it’s positive at 0.03, indicating slight capital inflows, supporting the potential for continued short-term bullish action.

Dogecoin price prediction shows that a break below the channel’s lower boundary would be significant as it would signal market weakness, invalidating the current short-term bullish thesis. The next target would be the $0.1000 support level.

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Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.