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Dogecoin whales stir as Stochastic RSI warns of a correction

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Whale activity spikes as Dogecoin stochastic RSI signals a possible short-term correction.

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  • Dogecoin whale activity sees a 63% surge in large transactions within 24 hours.
  • Stochastic RSI hints at a possible short-term correction despite rising social volume.

Dogecoin [DOGE] has recorded a spike in whale activities in the past 24 hours. Its large transactions surged by 63%, with whales moving 65.41 billion DOGE. This huge holding by the biggest players in the market represents 41% of Dogecoin’s total supply. 

The aforementioned surging whale activity suggests that large investors are taking positions, which may be accompanied by increased market volatility.

A spike in whale transactions tends to precede potential significant price movements. When whales make such big moves on DOGE, the market usually follows through with their moves.

This could, therefore, be an indicator that a big price move might be on the cards.

Source: IntoTheBlock

Dogecoin social volume is on the rise

Dogecoin social volume has been on an upward trajectory for the last three days. Social volume helps in the identification of some market sentiment.

Historically, higher volumes of conversations result in new investor interest that puts up demand.

Increased social volume may imply more chatter going on in the crypto ecosystem surrounding Dogecoin, which could influence speculations that may give it further boost.

Source: Santiment

Stochastic RSI suggests a short-term correction

Despite these encouraging signs, the stochastic RSI has just recorded a bearish crossover. This suggests that the market might face a small correction before any upward momentum could resume. 

Although Dogecoin has been flirting with a bullish breakout, this crossover suggests pulling back slightly before making its next move.

Source: Tradingview


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


Whale activity is high, and so is social interest. But the bearish stochastic RSI crossover is just a reminder that prior to any major price movement.Short-term corrections are bound to occur.

For now, holding firm and waiting for better signals might be the best approach.

 

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Kelvin Murithi is an Economic and Crypto-Asset Analyst at AMBCrypto who provides a sophisticated, data-driven perspective on the financial markets. His analysis is deeply rooted in his academic and professional background, combining macroeconomic principles with technical asset analysis. He holds a Bachelor's degree in Economics and Statistics, which provides the rigorous quantitative foundation for his work in economic forecasting and investment strategy. Prior to specializing in the digital asset space, Kelvin honed his skills as a Financial and Data Analyst, where he was responsible for analyzing complex datasets and financial models. At AMBCrypto, Kelvin leverages this powerful blend of experience to deliver insightful price analysis. He specializes in interpreting how broader economic trends impact the cryptocurrency market, while also applying technical analysis to identify key price levels and potential trading opportunities. His mission is to equip readers with a multi-layered understanding of the market, enabling them to make strategic and well-informed investment decisions.
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