Overnight, the cryptocurrency market experienced a slight decline, and many people who hold Dogecoin (DOGE) have interpreted this as an opportunity to buy more of the memecoin.
Based on the insights revealed by the leading market analyst Ali Martinez, whales have bought over 60 million DOGE in the last 24 hours.
Arguably, Dogecoin has had a mixed performance in recent times. Following a decrease of around 1.2% over the last 30 days, the price increased during the preceding week, with a jump of approximately 10.32%. The coin is showing bullish signs, with a market cap of roughly $17.6 billion and a 24-hour trading volume of $700.01 million.
It is Showing a Bullish Reversal Pattern
According to data provided by CoinMarketCap, Dogecoin’s value has decreased by 2.40% over the last twenty-four hours and is currently trading at $0.1217. It reached a low of $0.1203 and a high of $0.126 throughout the twenty-four hours.
Whales are a significant factor in determining trend movements in the overall market. Their acquisition contributes to the general cushioning of the total amount of assets in circulation, which compliments the overall growth of prices.
A bullish reversal pattern, known as a rounding bottom, is developing on the memecoin’s weekly time frame chart. This pattern shows that the bottom of a downtrend has been reached, and buyers have started accumulating Doge again.
The large accumulation of Dogecoin by whales and retail traders proves this pattern is accurate.
Will Dogecoin Go Up?
Despite its lack of practical application, Dogecoin’s market cap is currently greater than $17 billion. Investors believe that Elon Musk will keep backing Dogecoin. A key reason for its high value is that users believe DOGE will be integrated into X as a payment method for various purposes. A similar instance happened when Elon Musk added DOGE as a payment method for buying merchandise on the Tesla website.
The current RSI of Dogecoin reads 42.64; thus suggesting bullish with a slight bias toward buying pressure. RSI’s position implies that whales have purchased DOGE and are approaching a crucial point. A further increase could send RSI into a neutral zone.
