Dogecoin Price Forecast: Is this Unusual $25M Signal Bullish?

Dogecoin Price Forecast: Is this Unusual $25M Signal Bullish?
By:Ibrahim Ajibade
Updated: Feb 21, 2024, 18:18 UTC•3min read
Follow
Dogecoin DOGE Price
Dogecoin DOGE Price
Dogecoin price dipped 10% to hit $0.083 Wednesday Feb 21. After acquiring 310 million DOGE in the past week, can the whales drive an early rebound?
Mentioned in Article
Dogecoin (DOGE) price is battling to defend the $0.08 territory after dipping 10% within the daily time frame on Feb 21. On-chain data shows that whale investors have are still buyingm illions of dollars worth of DOGE despite the price downtr

Can bullish the Dogecoin whales maintain the buying trend long enough to stage a decisive price rebound toward $0.10.


Advertisement

Know where Markets is headed? Take advantage now with
Broker logo
START TRADING
Your capital is at risk

Dogecoin Price Dips 10% Amid Memecoin Market Downturn
The crypto market suffered a significant downturn on Feb 21. Interestingly, mega cap meme coins like Shiba Inu (SHIB) and PEPE and BONK all suffered double-digit pullback.


Dogecoin (DOGE) Price Action February 2024 | Source: TradingView
Seemingly inevitably, DOGE price has suffered its own fairs share of downtrend, recording a 10% deficit within the daily timeframe.

Dogecoin Whales Continue on a $25 million Buying Spree
But interestingly, on-chain data shows that a group of strategic whale investors have continued buying the dip rather than join the ongoing market sell-off.


Dogecoin (DOGE) Whales Wallet Balances vs. Price | Source: Santiment
The Santiment chart above depicts real-time changes in the balance of whale wallets holding at least 10 million DOGE (~$800,000).

The red trendline shows that the highlighted whale wallets held a cumulative balance of 15.03 billion DOGE as of Feb 12. But at press time on Feb 21, their balance have skyrocketed to 15.34 billion DOGE.

This implies that crypto whales have acquired 340 million DOGE worth approximately $25.8 million within the last 10 trading days dating back Feb 21.


In an unusual trend, as the memecoin market downturn set-in on Wednesday, rather than join the sell-off the whales have held their positions.

If the whales opt to capitalize on the pull-back to buy the dip, its only a matter of time before DOGE price enters a rebound toward $0.10.

Dogecoin Price Forecast: $0.089 is the Key Resistance to Beat
Drawing inferences from on-chain data analysis, Dogecoin whales buying spree could set DOGE price back on the front foot, possibly retesting the $0.01 area in the coming days.

However, the Bollinger band technical indicator suggests that the bulls now face major resistance around $0.089.

At press time, Dogecoin is currently trading at $0.083, just above the 20-day SMA of $0.082 signaling that the bulls are still in control.

A decisive breakout above the $0.089 sell-wall mounted at the upper Bollinger Band of $0.089 could trigger a major bullish upswing toward $0.1 as predicted.

Dogecoin (DOGE) Price Forecast | Source: TradingView
Still, there’s a chance the bears could negate this narrative if the DOGE price loses the $0.07 support for the first time in 2024. However, as depicted by the lower Bollinger band, the support buy-wall at $0.074 could pose a significant challenge in that scenario.

Don't miss a thing! Sign up for a daily update delivered to your inbox
Sign Up
Latest ArticlesSee All
21 minutes ago
AUD to USD Forecast: China’s Real Estate Sector and Fed Commentary Influence
52 minutes ago
Hang Seng Index, ASX 200, Nikkei 225: China, Earnings, and NVIDIA
2 hours ago
Ethereum Price Prediction: $3,500 Breakout or $2,500 Reversal?
ABOUT US
PRIVACY POLICY
TERMS OF USE
CONTACT US
ADVERTISE WITH US
BECOME A CONTRIBUTOR
GET FINANCIAL CONTENT
WEBSITE WIDGETS
FOLLOW US
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.