Dogecoin (DOGE) has recently captured the attention of traders and investors due to a significant rise in large transactions. On-chain data reveals that over the past 24 hours, the cryptocurrency recorded approximately 1,600 large transactions, amounting to a total volume of 11.12 billion DOGE. This marks a noteworthy increase compared to the seven-day low of 8.25 billion DOGE, indicating that major investors, often referred to as “whales,” are showing heightened interest.
Implications of Increased Activity
This surge in activity suggests a growing focus on Dogecoin and may signal a potential price reversal in the near future. The volume of large transactions could indicate that these whales are either accumulating DOGE or preparing for significant movements.
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Such a substantial influx of activity typically attracts additional traders, which could result in notable price changes.
Source: CoinMarketCap
Despite peaking at around $0.15, Dogecoin is currently experiencing a minor retracement, as reflected in recent price charts. The asset continues to hold above critical support levels, making it essential for traders to closely monitor these zones.
Key Support Levels to Watch
Investors should pay attention to three crucial support levels: $0.123, $0.118, and $0.111. If DOGE can maintain its support above these thresholds, it may help prevent further price declines and create a foundation for a bullish recovery. Conversely, if the current trend loses momentum and DOGE drops below these levels, the cryptocurrency could face a more significant correction.
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For Dogecoin to break free from its current range, it must surpass the $0.15 level. Achieving this price point would indicate a stronger bullish reversal. Beyond that, the range between $0 and $20 may emerge as the next major resistance level.
As traders watch these developments closely, the market remains poised for potential volatility, depending on how DOGE navigates these critical support and resistance levels.