Crytocurrency

Shortly after DOGE’s price goes up by 8% or more, whales start to act more aggressively.

Santiment’s most recent data should make Dogecoin (DOGE) owners excited about the price of the popular meme token in the future. The blockchain analytics company said in a tweet yesterday evening that the transaction and funding rates of DOGE whales have gone up. These two metrics are very good at telling when the price of DOGE is going to change direction.

Rates of funding and whale trades for DOGE go up (source: Santiment).

Related: Dogecoin is now the second-biggest Proof-of-Work cryptocurrency.

The data also shows that DOGE whale transactions have gone up and funding rates for the meme token have gone “ultra long” as the token’s price reached its local peak. Santiment says that the increase in whale activity is mostly due to whales trying to make money.

CoinMarketCap says that DOGE is currently the tenth largest cryptocurrency by market cap, with an estimated market cap of $8,646,642,025. Also, the price of DOGE is now $0.06505, up an impressive 7.13 percent in the last 24 hours. This has made the meme token’s weekly performance even better.

Chart for DOGE/USDT for each day

The 9 and 20 Exponential Moving Average (EMA) lines point to a possible change to a bullish trend because the shorter 9 EMA line is above the longer 20 EMA line.

On its daily chart, the price of DOGE also broke above the second deviation up of the Bollinger Bands indicator. However, this was met with a lot of selling, which is still trying to push the price of the meme token down. The price of DOGE is still above the 9 and 20 EMA lines, though.

If the price of DOGE closes below the second upward deviation of the Bollinger Bands, the outlook for DOGE could turn bearish for a short time before making a leg up.

Related: A dogecoin lawsuit against Elon Musk, valued at $258 billion, grows

Disclaimer: All of the information in this price analysis, as well as all of the views and opinions expressed, are shared in good faith. The reader must do his or her own research and homework. If a reader does something, it is at their own risk. Coin Edition and its partners will not be responsible for any direct or indirect damage or loss.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button