2 Billion DOGE Buying Spree Ignites Golden Cross – Dogecoin Primed for Takeoff?
Whales just loaded up on 2 billion DOGE—and the charts are flashing a golden cross. Is this the meme coin's breakout moment?
Dogecoin's price action just got a lot more interesting. A massive accumulation spree—we're talking 2 billion DOGE—coincides with a golden cross formation on the daily chart. Technical traders are circling.
Golden crosses typically signal bullish momentum, but let's be real: this is DOGE we're talking about. The coin that turned 'to the moon' into a self-fulfilling prophecy (until it wasn't). Still, when whales move this much funny money, even Wall Street dinosaurs start paying attention.
Will history repeat with another speculative frenzy? Or is this just another pump before the inevitable 'much wow' correction? Only two things are certain: 1) The chart looks tasty if you're long, and 2) Some hedge fund manager is definitely explaining memecoins to his baffled investors right now.
Dogecoin Whales Change The Winds
Dogecoin whales have been a significant driver of the recent price movement, showing bullish sentiment since the start of the month. In the past week, addresses holding between 100 million and 1 billion Doge have accumulated more than 2 billion DOGE, worth approximately $500 million.
This accumulation by large holders indicates strong confidence in Dogecoin’s future potential. The support from these whales has been essential in pushing the meme coin higher, providing a solid foundation for further price gains.
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The overall momentum for dogecoin is shifting from bearish to bullish, thanks to key technical indicators. The 50-day and 200-day exponential moving averages (EMAs) recently formed a Golden Cross, signaling a significant shift in market sentiment. The Golden Cross ended the five-month-long bearish period marked by the Death Cross, suggesting that the path ahead for Dogecoin may be more favorable.
This crossover is a critical indicator that suggests the altcoin is poised for further growth, as the long-term outlook improves. If Dogecoin maintains its momentum and continues to experience strong support, the price could continue its upward trajectory in the coming weeks.
DOGE Price Continues to Rise
At the time of writing, Dogecoin is trading at $0.246, having recently broken through the $0.241 resistance level. To sustain its upward movement, Dogecoin needs to convert this level into solid support. If it manages to hold above $0.241, it will likely continue rising, with $0.273 acting as the next major resistance.
The accumulation of DOGE by whales is expected to drive the price towards the $0.273 resistance level. If the Golden Cross continues to signal bullish momentum, Dogecoin’s price could surpass this resistance and continue rising.
However, if the bullish momentum fails to strengthen, Dogecoin may experience consolidation between the $0.241 and $0.218 levels. This scenario WOULD indicate a weakening of market confidence, causing a temporary price pullback. Should this occur, the bullish outlook would be invalidated, and further losses may follow.
