An interesting development has been observed by cryptocurrency expert Ali Martinez in the Dogecoin market. He has shared his observation in his latest post on X. It seems that the DOGE market can expect a significant bullish momentum soon. Here is what you should know about the crucial observation capable of overturning the course of the crypto market.
Whales Are Moving the Dogecoin Market
Martinez’s post says that in the last 48 hours alone, whales have accumulated nearly 1.40 billion worth of Dogecoins. Usually, when a large whale accumulation occurs, the market tends to react positively with bullish signals. Whales are large investors, who are considered long-term players in the market. They only employ the strategy of accumulation when they are confident about its future. In that sense, we can assume that long-term investors expect the price of Dogecoin to go up in the future.
Dogecoin Market Landscape: A Short Price Analysis
In the last 24 hours, the DOGE price has experienced a positive change of 4.9%, as expected. Looking at the daily chart of Dogecoin, we see a long bullish candlestick today. At the start of the day, the price was just $0.10850. Right now, it stands at $0.11395, which is a considerable rise compared to other recent candlestick price movements. At the beginning of the month, the price was around $0.09505. In the initial days of the month, the market appeared very dull. It even slipped to a low of 0.09252 on September 6. However, things reversed on September 7, when a strong buying pressure emerged.
Notably, the strength of the momentum has faced no significant threats yet, though between September 14 and 16 sellers made a failed attempt to disrupt the momentum. The period between September 17 and 21 was the strongest phase of the momentum; during the period, the price was lifted from $0.09976 to $0.10990, supported by five consecutive green candlesticks. In the last seven days, the market has reported a rise of 8.6%. And, in the last 30 days, the Dogecoin price has recorded at least +7.6% change.
In conclusion, the Dogecoin market appears bullish right now. It seems that the latest whale activity has already made an impact in the market. It is interesting to note that the market today has broken the crucial level of $0.11293. Can this momentum help the market to cover the damage caused when the price plummeted from $0.13412 to $0.09437 between July 27 and August 5? What do you think?
