An intriguing development has been identified by cryptocurrency expert Ali Martinez in the Dogecoin market. In his latest post on X, Martinez highlights the potential for significant bullish momentum in the DOGE market. Here’s what you need to know about this crucial observation that could potentially change the course of the crypto market.
Whales Are Moving the Dogecoin Market
According to Martinez’s post, whales have accumulated nearly 1.40 billion worth of Dogecoins in the last 48 hours alone. Typically, when a large whale accumulation occurs, the market tends to react positively with bullish signals. Whales, who are substantial investors in the market, are considered long-term players. They only employ the strategy of accumulation when they are confident about the future of the asset. In this context, we can infer that these long-term investors expect the price of Dogecoin to rise in the future.
Dogecoin Market Landscape: A Short Price Analysis
Over the past 24 hours, the DOGE price has seen a positive change of 4.9%, as anticipated. Analyzing the daily chart of Dogecoin, a long bullish candlestick is evident today. At the start of the day, the price was $0.10850. Currently, it stands at $0.11395, marking a significant rise compared to other recent price movements. At the beginning of the month, the price hovered around $0.09505. The market initially appeared quite dull, even dipping to a low of $0.09252 on September 6. However, a strong buying pressure emerged on September 7, reversing the trend.
Notably, the strength of the momentum has faced no substantial threats. Although sellers made a failed attempt to disrupt the momentum between September 14 and 16, the period from September 17 to 21 marked the strongest phase of the momentum. During this phase, the price surged from $0.09976 to $0.10990, supported by five consecutive green candlesticks. Over the past seven days, the market has reported an 8.6% rise, and in the last 30 days, Dogecoin’s price has recorded at least a 7.6% change.
Conclusion
In conclusion, the Dogecoin market currently appears bullish. The latest whale activity seems to have already made a significant impact. It is noteworthy that the market has broken the crucial level of $0.11293 today. Can this momentum help the market recover from the damage caused when the price plummeted from $0.13412 to $0.09437 between July 27 and August 5? Only time will tell. What are your thoughts?
