DOGE Price Analysis: 1.06 Billion Dogecoin Bought Within 48 Hours as Social Sentiment Spikes, Will Price Follow?

• Dogecoin is up 0.68% in the last 24 hours at $0.087
• DOGE whales have purchased over 1.06 billion DOGE in 48 hours
• Social sentiment around Dogecoin (DOGE) has grown significantly positively in recent days

Dogecoin is up 0.68% in the last 24 hours at $0.087. Crypto analyst, Ali believes that Dogecoin might be ready to break out. DOGE whales purchased over 1.06 billion DOGE in 48 hours, worth approximately $94.34 million, according to data from onchain analytics firm Santiment. Meanwhile, Dogecoin’s latest rise came, as usual, after a series of tweets by Elon Musk showing a Shiba Inu dog—the mascot of the Dogecoin community—sitting at a desk in Twitter’s headquarters. According to Santiment data, social sentiment toward Dogecoin (DOGE) has shifted significantly in recent days. According to the analyst, the last time the index reached this level of positivity was in late October 2022, when Elon Musk finalized the deal to buy Twitter. Then, on the hype of rumors of Dogecoin’s deployment on the popular social network and speculation, the token went up by 160% in price.

Key Levels
Resistance Levels: $0.1100, $ 0.1000, $0.0922
Support Levels: $0.0850, $0.0800, $0.0750

DOGE/USD Daily Chart: Ranging

DOGE/USD Daily Chart

The DOGE/USD pair is currently up 0.68% at $0.0882, and a break of $1.000 would target $1.100 on the way to a $1.300 high. On the other hand, it appears at the $0.080 level, followed by the $0.075 low level, and lastly, $0.055.

In a larger sense, the rise from $0.0788 is the third trend cycle since the low of $0.066. A further rally towards cluster resistance can be seen at the next level, $1.000. This could be the favored option as long as the $0.0919 resistance turned support remains intact.

DOGE/USD 4-Hour Chart: Ranging

DOGE/USD 4-Hour Chart

Further increase in the DOGE/USD is anticipated as long as the support level of $0.0800 is maintained. The projection from $0.0850 to $0.1000 next should be the target of the current surge from $0.0885. A violation of the $0.0800 support level should signal a short-term top given the rebound condition in the 4-hour RSI.

For a stronger pullback, the intraday slope can be shifted back downward. The pair has recovered above the $0.0800 and $0.0850 support levels on the 4-hour chart. Additionally, the significant bullish trend with resistance around $0.0922 was broken. The Dogecoin may, however, stabilize and trade sideways for some time if it breaks through $0.0922.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock