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Dogecoin Whales Make Bold Moves: Is DOGE Set for Breakout?

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On-Chain Support And Resistance Levels

Dogecoin’s recent price rally has spurred significant buying from Dogecoin whales, prompting bullish trader predictions for the popular meme coin. Crypto analyst Ali Martinez tweeted that Dogecoin whales have accumulated 200 million DOGE since May 30. This news elicited numerous reactions from the crypto community, with many noting that the whale activity has not yet led to a price increase. Ali responded optimistically, stating, “The ones who wait are always rewarded.”

Optimal Entry Point and Trading Insights

When asked about the best time to enter the Dogecoin trade, Ali pointed to yesterday, June 3, as the optimal entry point. DeFi Planet, a crypto news provider, also highlighted this timing. Crypto trader Kevin shared insights on an imminent breakout for Dogecoin, emphasizing the significance of the two-month Bollinger Bands Breakout indicator. 

He suggested that a major movement is imminent, marking the first time this indicator has signaled a breakout since November 2020. Additionally, he pointed to the approaching two-month LMACD bullish cross, another indicator suggesting significant price action.

Related article: Dogecoin on the Rise: Analyst Anticipates Major Price Surge

Kevin responded to tweet reactions by noting that traders often become over-emotional and over-trade, ignoring the macro situation. He emphasized that understanding market cycles is crucial for accurate predictions.

Indicators And Historical Context

Kevin’s prediction holds weight due to Dogecoin’s history of volatility and investor interest, especially since its surge in popularity in early 2021. Traders frequently use technical indicators like the Bollinger Bands and LMACD to forecast price movements. The last time these indicators aligned, Dogecoin experienced a substantial value increase, making this prediction particularly intriguing for traders and investors.

Related article: Dogecoin Price Analysis – DOGE Stalls Despite Bullish WhaIe Activity and Analyst 200% Predictions

IntoTheBlock data indicated a 35.4% increase in Dogecoin’s large transaction volume, with daily active addresses rising by 1.3%. Moreover, transactions greater than doubled, increasing from 141 on June 2 to 297 on June 3. Exchange inflows also surged from $8.6 million to $34.2 million.

Looking ahead, the influence of meme coins and Bitcoin as an institutional asset class will be explored at Benzinga’s Future of Digital Assets event on November 19.

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