Dogecoin (DOGE) Price May Hit $0.2 as Whale Transfer & On-Chain Metrics Fuel Bullish Sentiment

The recent surge in the price of Dogecoin, characterized by a significant weekly rise in double digits, has attracted investors' interest.

The recent price surge of Dogecoin (CRYPTO: DOGE) has not gone unnoticed, with large investor activity and on-chain data hinting at the possibility of a continuing value increase for the dog-associated cryptocurrency. What Happened: A substantial over-the-counter (OTC) purchase of 800 million DOGE tokens was highlighted by Whale Alert on Monday. The whale in question made two purchases of 400 million coins each on Robinhood, adding $101 million to its total holdings. According to the report, the purchased coins were subsequently transferred to an unknown wallet. The latest OTC purchase comes amid a period of heightened interest in meme coins, with several tokens, including SHIB, experiencing significant price gains. Dogecoin Price Poised for a 70% Surge? Now,鏈接 new analysis by CoinGape highlights seven price levels that could determine the future direction of DOGE. After encountering strong resistance at $0.128, a breakout could propel Dogecoin to the next price level of $0.174. If this level is breached, the cryptocurrency could rally to $0.228, setting the stage for a nearly 70% increase from current levels. However, failure to break through the initial resistance could lead to a potential drop to $0.112. If this support fails to hold, DOGE may decline to $0.090. Dogecoin Price Analysis: Key Takeaways At the time of writing, DOGE was trading up 6% at $0.1264, with a 26% surge in 24-hour trading volume to $798.28 million. The cryptocurrency had risen 15% over the past seven days and hit a 24-hour high of $0.1295. According to CoinGlass data, the open interest (OI) for DOGE futures had increased significantly by nearly 12% to reach $626 million. This OI metric aligns with the prevailing bullish sentiment in the market.

The above is the detailed content of Dogecoin (DOGE) Price May Hit $0.2 as Whale Transfer & On-Chain Metrics Fuel Bullish Sentiment. For more information, please follow other related articles on the PHP Chinese website!