- DOGE rallied 8% in the last 24 hours, aiming for the $0.2 mark.
- The price continued to grow despite significant whale movements.
Despite the overall volatility observed over the last few weeks in the crypto market, the price of Dogecoin [DOGE] has consistently grown.
One of the major reasons for the same has been the rise in popularity of meme coins.
A sudden spike in price
In the last 24 hours, the price of DOGE grew by 7.99%. At press time, DOGE was trading at $0.1846. If the price of DOGE continues to grow, the price may be able to test the $0.1930 in the future.
The price has also tested this resistance level multiple times in the past.
With enough momentum, the price of DOGE may be able to push past this level and start its journey towards the $0.2 mark.
The RSI (Relative Strength Index) had surged to 65.4 in the last few days, indicating that the buying momentum around DOGE was high.
However, the CMF (Chaikin Money Flow) for DOGE declined during the same period.
This decrease signaled a reduction in the flow of money into the cryptocurrency, indicating a potential decrease in market participation or investor interest.
Source: Trading View
Whales react
Despite the positive price movement of DOGE, whales were exhibiting bearish behavior.
Insights from the blockchain tracker Whale Alert revealed that within the last 24 hours, six massive transactions involving a total of 1.08 billion DOGE have been recorded.
Notably, three of these transactions reflected accumulations on Robinhood, a well-known trading platform, while the remaining transactions depicted significant sell-offs to the same exchange.
The accumulations amounted to 437.14 million DOGE, contrasting with a substantial dump of 650 million coins into Robinhood.
Source: X
Word on the street
Thus, DOGE’s bullish movement could be unaffected by significant sell-offs by whale addresses. If this kind of bullish momentum persists, DOGE may have a higher likelihood of rallying even further.
The popularity of DOGE on the social media front will also play a key role in DOGE’s price movement going forward.
Read Dogecoin’s [DOGE] Price Prediction 2024-25
According to AMBCrypto’s analysis of Santiment’s data, the overall interest in DOGE on the social media front had remained consistent over the past month.
The sentiment around the memecoin fluctuated significantly over the last few days, however, it was positive at the time of writing.
Source: Santiment