Connect with us
Active Currencies 16047
Market Cap $3,747,614,152,023.20
Bitcoin Share 52.80%
24h Market Cap Change $2.03

Dogecoin tests critical support as 2 key areas see a rise

2min Read

DOGE consolidates at crucial support as whale and trading activities surges.

Dogecoin tests critical support as 2 key areas see a rise

Share this article

  • DOGE stabilized above $0.35 support zone amid increased whale transactions.
  • Dogecoin’s active addresses surged by 35% alongside its rising liquidation levels.

Dogecoin [DOGE] has been hovering above a key support level at $0.35. Its prices are currently in a consolidation phase after a significant surge over the last bullish week.

The popular memecoin has repeatedly tested this key support level, with the price level demonstrating remarkable resilience.

DOGE is maintaining a tight range between $0.36 and $0.38, with prices standing at $0.3698 at press time.

Source: TradingView

Whale activity signals potential momentum

A notable surge in Dogecoin’s whale activity has caught the attention of market participants.

According to IntoTheBlock data, the number of significant DOGE transactions has witnessed a substantial uptick, reaching peak levels not seen since early November.

In fact, the memecoin’s large transactions have surged significantly by 41% in the past 24 hours alone. This increase in whale activity often precedes major price movements.

Source: IntoTheBlock

DOGE’s bullish sentiment

AMBCrypto’s analysis painted an encouraging picture for DOGE bulls. The memecoin’s active addresses have jumped by an impressive 35% to 157.19K, indicating growing user engagement.

This increasing trading activity indicated that more traders and investors were convinced of the $0.35 support level and are taking long position to target the next significance resistance at $0.48.

Source: IntoTheBlock

Liquidation data adds complexity

Besides the aforementioned positive sentiments, our analysis of recent Coinglass data revealed significant liquidation leverage at current levels, with a liquidation pool of 4.97M at the $0.3812 price level. 

This substantial liquidation volume above DOGE trading price could act as a catalyst for increased volatility in the market. The liquidation pool adds a bullish bias to the already bullish market.

Source: Coinglass

What next for DOGE?

With significant support levels, increasing whale activity and growing network engagement, DOGE is set for a bullish rally.

However, market participants should remain mindful of the high liquidation leverage, which could introduce short-term price turbulence.


Read Dogecoin’s [DOGE] Price Prediction 2024–2025


All eyes remain on the $0.35 weekly support level as the market awaits clear directional signals.

The sustainability of current price levels, combined with ongoing network growth, may provide the foundation for DOGE’s next significant move.

Share

Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets. He also has a background in market analysis, investment strategies, and economic forecasting.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.