Whales Buy 620 Million Doge In Hopes Of Price Breakout

Whales Buy 620 Million Doge In Hopes Of Price Breakout by Ashly Chole last updated on May 15, 2023

Whales Buy 620 Million DOGE In Hopes Of Price Breakout

After establishing support at around $0.06, Dogecoin (DOGE) seems to be getting ready for a price breakout. In anticipation of the price breakout, big whales have bought 620 million Dogecoin (DOGE), which has raised the stakes for all the involved parties!

That's why the price of DOGE has been rising for the last few days as the buying pressure from big buyers is slowly increasing. After the move by the whales, the market cap of the cryptocurrency market was above the level of $945 billion. During the same period of time, another token that is gaining momentum is the XRP after a long duration of downtrends.

If we look at the number of people who are holding DOGE for the long term, an increase of around 5.13% was witnessed - The addresses which hold the Doge in the range of 100 million - 1 billion also saw a good increase.

But the biggest good news was in the form of improved technical readings on the DOGE charts... On account of bullish technical readings, around 6 whales joined the DOGE network and proceeded to buy 620 million DOGE tokens.

Considering the timing of this buying, it seems that the whales have come to rescue the DOGE at just the right time. Despite the massive order by the whales, there are still a few technical hurdles for DOGE to clear out before turning bullish!

Experts believe that the nearest resistance for the DOGE is around the $0.069 area... Around 86000 DOGE addresses are holding a collection of 42 billion tokens which further highlights the importance of this resistance area.

And if we look at the hourly chart of DOGE, the RSI readings are suggesting that the buying pressure is starting to show signs of weakness.

Going ahead, the level which will be a decisive factor for the DOGE would be $0.069, which will decide whether a breakout actually happens or not.