Dogecoin Whales Have Bought Over 1 Billion DOGE, But the Pressure Is on to Maintain Key Support Levels

Dogecoin is facing a crucial moment as 60210 addresses that collectively purchased 36.4 billion DOGE at an average price of $0.11 may be looking to avoid losses.

Dogecoin is at a critical juncture, with 60,210 addresses having collectively purchased 36.4 billion DOGE at an average price of $0.11. If Dogecoin fails to reclaim this key level, a sell-off could be triggered as investors attempt to minimize their losses.

According to analyst Ali Martinez, Dogecoin is retesting the breakout point of a falling wedge pattern. If this level holds, it could provide support for a rebound, potentially propelling DOGE to $0.16 in the near term.

Dogecoin Whales Have Bought Over 1 Billion DOGE

In a bullish development, whale activity has also surged, with Dogecoin whales having purchased more than 1 billion DOGE in the past 24 hours, to the tune of approximately $108.7 million. This accumulation suggests strong confidence from large holders, signaling that they expect the price to rise.

#Dogecoin whales bought over 1 billion $DOGE in the last 24 hours, totaling roughly $108.7 million! pic.twitter.com/2aSevCd7Lm

— Ali (@ali_charts) October 4, 2024

However, the pressure is on for Dogecoin to maintain key support levels. If it fails to break past $0.11, the sentiment could turn bearish, leading to increased selling pressure from those looking to exit their positions before further declines.

As Dogecoin continues to trade in a critical range, all eyes are on the $0.11 level. Whether it can reclaim this zone will likely determine the next major move, with a potential surge toward $0.16 if support holds, or a sell-off if it fails to do so.

It looks like #Dogecoin is retesting the breakout point from this falling wedge. If this level holds, $DOGE could soon rebound and march toward $0.16.

If you want to join me, sign up using my referral link https://t.co/73n8mWavUX, and let’s trade this one together! pic.twitter.com/ILXf06I5zc

— Ali (@ali_charts) October 2, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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