DOGE Whales Accumulation Signals Rally Ahead

Whales, often insiders and key market movers, can signal shifts in market direction through their actions. According to IntoTheBlock data, Dogecoin whales (large holders) added $1.1 million worth of DOGE to their portfolios between August 12 and 13

Dogecoin price analysis reveals a bullish setup with potential for a 7% price increase.

Whales are accumulating the meme coin, with large holders adding $1.1 million in DOGE to their portfolios over two days. This accumulation signals anticipation of an upcoming price rise.

Moreover, Dogecoin investors are collectively withdrawing their coins from exchanges, with a net negative exchange flow of $1.02 million on August 13. This withdrawal suggests that investors are preparing to hold onto their DOGE in anticipation of a price increase.

According to IntoTheBlock data, over $1.5 billion in DOGE is "at the money," indicating that more than 103,000 addresses purchased DOGE at prices ranging from $0.101 to $0.11. If the Dogecoin price falls below this range, 14.63 billion DOGE could go underwater.

However, Dogecoin price analysis points to potential 7% gains in the coming days, which could push these holdings into profitability.

DOGE price is currently in a downtrend, trading below the 50-day exponential moving average (EMA) at $0.10531 and the 200-day EMA at $0.11421. The price has been moving within a rising channel, indicating a potential short-term bullish correction within this broader bearish trend.

The current resistance levels for the DOGE price include $0.1053, which is the first significant barrier, $0.1100, which aligns with the upper mid-range of the channel, and $0.11421, a key level that could indicate a trend reversal if breached.

Dogecoin also has support levels at the lower boundary of the ascending channel, around $0.1000.

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