Dogecoin Big Move Incoming? Whale Adds 1.7 Billion DOGE

Amidst ongoing market volatility, the largest Dogecoin (DOGE) whale has made a significant move, sparking interest. On March 10, 2024, a prominent crypto analyst reported on X (formerly Twitter) that this whale accumulated a substantial 1.7 billion DOGE tokens over three days.

Dogecoin Whale Signals Potential Rally

This significant accumulation occurred as DOGE's price dipped to a key support level, suggesting a potential price reversal. Following this accumulation, DOGE has reclaimed this crucial level and shows signs of further upward movement.

Current Market Dynamics

DOGE is currently trading near $0.174, experiencing an 8% price drop in the last 24 hours. However, trading volume surged by 150% during the same period, indicating heightened trader and investor activity at the crucial support level.

Dogecoin (DOGE) Technical Analysis and Price Projections

Technical analysis suggests DOGE remains bullish and is approaching the critical $0.18 level, historically associated with strong price rebounds. If DOGE holds above $0.18, a 36% price increase to $0.24 is possible in the coming days, based on recent price action and historical patterns.

Source: Trading View

Despite the price recovery, DOGE's Relative Strength Index (RSI) remains low at 33, suggesting a lack of strong upward momentum. However, continued accumulation and improved market sentiment could quickly bolster its strength.

Significant DOGE Outflow from Exchanges

Beyond the whale's accumulation, data from Coinglass shows $63 million worth of DOGE moved off exchanges in the last 24 hours, indicating potential accumulation by long-term holders and investors.

Source: Coinglass

This combination of accumulation and exchange outflows often precedes price increases rather than declines.