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- Whales bought 210 million DOGE during the recent price correction.
- The market structure saw multiple higher lows as it rebounded on 2-hour timeframe.
The cumulative holdings of whales holding between 10 million to 100 million Dogecoin [DOGE] rose noticeably in the recent weeks, correlating with significant buying activity during price dips.
Dogecoin whales have indeed been active, as approximately 210 million DOGE were purchased by these large holders.
This buying behavior often stabilizes or pushes the price up, as it reduces the available supply on the open market. So, DOGE is in a position to capitalize on the interest from large volume traders.
Source: X
This demonstrated strong investor confidence among stakeholders in the potential for future price increases.
DOGE’s MACD crossover
DOGE price action over a 2-hour timeframe showed a series of higher lows, indicating a bullish trend, with price back to trading above the $0.4o level.
These higher lows aligned in the upward trajectory at key turning points like the $0.33, $0.36 and $0.4. They signaled where buying interest had consistently overcome selling pressure.
However, there’s a ‘Liquidity Sweep’ phase, where the price briefly dipped below the $0.36 level before rebounding, suggesting a test of buyer resilience.
Source: Trading View
The ‘Demand Zone’ which acted as a strong area of buying interest marked previous consolidation lows and could be the floor that propels DOGE past the $0.5 before another correction.
The MACD indicator showed a bullish crossover, where itcrossed above the signal line, indicating potential for continued upward momentum.
This bullish signal aligned with the structural observations in the price chart, suggesting that the market sentiment for Dogecoin was positive.
If this trend persists, the price of Dogecoin could continue to rise, past the $0.5 level which was the high before the correction, supported by strong buyer interest and positive momentum signals from MACD.
Market sentiment
More analysis determined that the Crowd’s sentiment on DOGE aligned perfectly with that of Smart Money, with both being bullish.
The “Crowd Sentiment,” showed a reading of 0.37, positioned slightly into the positive range on the scale. This indicated a modestly positive sentiment among general investors.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
The “Smart Money Sentiment,” similarly showed a positive but slightly more cautious sentiment at 0.29, also in the positive range.
Source: Market Prophit
The readings indicate that both retail investors and smart money groups are somewhat optimistic about Dogecoin. This follows its recent price correction and rebound, showing a collective bullish outlook.
