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Surge in Whale activity
This month, Dogecoin (DOGE) has experienced a lot of activity from big investors, called whales, who bought a total of 160 million DOGE for about $70 million. These large purchases show that whales are confident in Dogecoin's future. Many of the transactions were over $100,000, with some exceeding $1 million, indicating that major investors are getting ready for price changes. As of December 5, 2024, Dogecoin is trading at around $0.43685, which is a 2.12% increase from the previous day and a significant 180% rise since it was about $0.1681 in November. Overall, this whale activity could lead to even more exciting price movements for DOGE.
Positive Outlook from Trader Tardigrade
Recently, Trader Tardigrade tweeted about Dogecoin and its potential for big growth, suggesting that it might follow its past price patterns again. In his tweet, he mentioned a positive outlook for Dogecoin, saying, "Dogecoin repeats the pattern �� Imagine filling in the missing part. $Doge is gonna be BIG ��."
This optimism comes as some analysts predict that Dogecoin (DOGE) could reach $10, which would be a 23 times increase from its current price if past trends continue. Tardigrade's analysis is based on recent buying activity by large investors (often called "whales") and technical patterns that suggest a strong upward trend for DOGE.
Price Movement and Technical Indicators
DOGEUSD has been consolidating between $0.48078 and $0.3646 for the past two weeks.It hit a high of $0.38823 this week and is currently trading around $0.16282.
In the 4- hour chart, the pair is holding above short-term (34 and 55-day EMA) and long-term 200 EMA ($0.350).
The bearish invalidation can happen if the pair closes above $0.190. On the lower side, the near-term support is $0.350. Any close below targets $0.3270/$0.2300/$0.190.
The immediate resistance stands at around $0.50. Any breach above confirms a minor pullback. A jump to $0.75/$1 is possible. A surge past $1 will take DOGE to $2.
It is good to buy on dips around $0.3600 with SL around $0.19 for TP of $0.75/$1.
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