In the past 72 hours, Dogecoin whales have purchased over 700 million $DOGE, amounting to roughly $112 million as highlighted by Ali Martinez, a top analyst. This significant buying activity has sparked considerable interest in the price trend of Dogecoin (DOGE), particularly in the context of large wallet holdings and key support and resistance levels.
From May 13 to 18, 2024, Dogecoin’s price fluctuated between $0.143 and $0.155, showing lower volatility with moderate price changes. During this period, wallets holding 100,000,000 to 1,000,000,000 DOGE saw slight accumulation, indicating a growing interest among larger investors.
The next phase, from May 18 to 24, witnessed a notable price surge, peaking at $0.176 on May 22. This rally, driven by whale accumulation, encountered resistance at $0.176, leading to a pullback.
Following this peak, the price corrected downward between May 24 and 31, finding temporary support around $0.155. Despite struggling to maintain this level, the price eventually stabilized near $0.159. During this time, a slight decrease in large wallet holdings suggested some profit-taking or redistribution.
Is Pepe the Next Dogecoin? Analysts Weigh InAnalyzing the support and resistance levels provides further insights into Dogecoin’s price dynamics. The $0.155 support level was crucial during the late trend correction, indicating buying interest around this price.
Another key support level was $0.143, which served as a bottom during the early trend before the rally. On the resistance side, $0.176 marked a significant barrier during the mid-trend, with minor resistance at $0.168 before reaching the peak.
As of May 31, 2024, Dogecoin’s price is approximately $0.159, slightly above the $0.155 support level. Maintaining this level might lead to another attempt to test the $0.168 resistance. Conversely, falling below $0.155 could result in revisiting the $0.143 support level.
As per KNIGHT, an analyst, further analysis of the weekly timeframe reveals additional key levels. The price hovered around $0.16028, a recent support base. Significant resistance levels include $0.23769, $0.28712, $0.33372, $0.38880, $0.50742, and $0.61899.
Overcoming these resistances could signal a bullish trend and potentially drive Dogecoin to new highs.The live Dogecoin price today is $0.161932, with a 24-hour trading volume of $1,094,535,005. Dogecoin has increased by 0.83% in the last 24 hours
