Whales Accumulate $1.7M in $SUNDOG: Bulls to Breakthrough?

Recently, whale activity around the cryptocurrency $SUNDOG has surged, sparking interest in its potential upward trajectory. According to crypto firm data, three new wallets created only four days ago have collectively withdrawn 6.8 million $SUNDOG tokens, worth approximately $1.7 million, from the exchange MEXC. This accumulation signals a shift in market sentiment, as large investors often accumulate assets before significant price movements.

One notable wallet, TEKzxy, withdrew 3.83 million $SUNDOG, valued at $957,000, over the past four days. Another wallet, TGNrkv, made a substantial withdrawal of 2.1 million $SUNDOG, equating to $525,000, just 12 hours ago. 

Furthermore, the wallet TPXvFH withdrew 870,000 $SUNDOG, worth $217,000, on the same day, that these wallets were created. This series of transactions points to strategic accumulation by major holders, often called “whales,” which can impact the asset’s price direction.

Crypto Tony, an analyst, analyzed the $SUNDOG/USDT pair on a 12-hour timeframe, providing insights into its price structure. The asset is trading within a defined range, bouncing between a support level of $0.185 and a resistance level of $0.27. 

The price has consistently respected the $0.185 support, signaling strong buying interest in this area. Conversely, the resistance at $0.27 has proven difficult to break, as sellers have defended this zone, halting upward momentum.

SUNDOG shows slight bullish momentum, forming higher lows as it climbs toward the $0.27 resistance level. However, it may continue trading sideways unless the asset can break through this upper barrier. 

A breakout above the resistance could push the price towards $0.34 or higher. On the other hand, a break below the $0.185 support would likely result in a bearish reversal, with the price revisiting lows near $0.17.

Further analysis by Cryptoknight, an analyst, the $SUNDOG/USDT pair on a 4-hour timeframe reveals an important breakout. The price has surpassed the resistance zone of $0.25 – $0.27, signaling stronger bullish momentum. 

Breakout above the $0.25 to $0.27 range, accompanied by bullish momentum, suggests a positive outlook. The price could potentially advance towards $0.40, with $0.30 being the next psychological resistance level to watch. 

However, it is also common for prices to retest previous breakout levels as support. A slight pullback to the $0.25 to $0.27 range would confirm the breakout’s strength before a continued rise. At press time, $SUNDOG is trading at $0.25 with increasing volumes and is up by 2.57% in the last 24 hours.