- DOGE’s large transactions surged 35%, raising speculation at key levels.
- Metrics signaled a potential bullish move to $0.1042.
Dogecoin [DOGE] has caused a stir in the cryptocurrency market with its massive 35% surge in large transactions. This activity boost can be a precursor to a swing in prices.
A surge in large transactions signals a major move
Source: IntoTheBlock
As of this writing, Dogecoin was trading at $0.1023, just below the key resistance level at $0.1042. If this momentum holds, we might expect it to push higher towards the resistance level.
This would trigger the liquidation of 322k worth of Dogecoin and the initiation of a new buying wave.
Source: TradingView
DOGE: Key levels to watch
According to the liquidation heatmap data, $0.1042 and $0.1000 levels tend to be significant for the next DOGE move.
Most liquidations are expected to take place around those key levels. A break above the $0.1042 mark might result in significant buy liquidations that could drive a further price surge.
Alternatively, if Dogecoin plunges down to $0.1000, there may be witness lots of sell liquidations, forcing its value downward.
Source: Coinglass
AMBCrypto’s analysis of IntoTheBlock data indicated that 82.43% of Dogecoin holders were still in profitable positions at press time, thereby showing strong confidence in the market overall.
However, recent surges in prices from large transactions can suggest selling over buying, adding uncertainty for the short-term Dogecoin trajectory.
Source: IntoTheBlock
Read Dogecoin’s [DOGE] Price Prediction 2024-2025
A make-or-break moment for DOGE
As DOGE hovers near these two important levels, the next price movement will be essential in determining the next price movement. If the DOGE surges past $0.1042, it could fuel further bullish momentum.
However, if its price plummets further to $0.1000, there might be higher selling activity.
Source: https://ambcrypto.com/dogecoins-large-transactions-surge-35-whats-next-for-doge/