Big Investors of Dogecoin Make Significant Buyouts, Leading to Speculation of a Breakout
In recent days, the major investors of the popular meme coin, Dogecoin, have made substantial buyouts. According to a crypto market expert named Ali Martinez, the Dogecoin whales have purchased an additional 200 million $DOGE since May 30th. This buying activity from the whales has been triggered by the recent price spike of Dogecoin. It’s worth noting that the whales had previously bought $112 million worth of Dogecoin on May 31st.
Ali Martinez, whose real name is Ali, received a lot of reactions to his post about this news. Some community members expressed skepticism, stating that there hadn’t been any price increase following the whale movement. In response, Ali emphasized the importance of patience in such situations, noting that rewards come to those who wait. One person even asked about the best entry point to trade Dogecoin, to which Ali suggested that June 3rd would be the ideal time.
The significant whale activity within just a few days has sparked various speculations. Crypto news platform ‘DeFi Planet’ reported that this scenario indicates bullish signals and suggests that the prominent players in the $DOGE market are gearing up for a big move. It also speculated about an increased demand for Dogecoin in the coming days.
Another cryptocurrency trader named Kevin provided additional details about an impending breakout for Dogecoin. He pointed to the 2-month Bollinger Bands Breakout indicator, which suggests a significant upcoming movement. According to Kevin, this indicator indicates a breakout for the first time since November 2020. He also highlighted the upcoming two-month LMACD bullish indicator.
The current market statistics and historical data further solidify the prediction of an impending price action. Kevin addressed the reactions from Dogecoin traders, stating that they often become over-emotional and over-trade. He emphasized the importance of considering the macro situation and understanding market cycles. Traders frequently rely on technical indicators like LMACD and Bollinger Bands to anticipate price movements.
It’s worth noting that the last time these indicators aligned, Dogecoin experienced a significant surge in value. This adds to the intrigue of the current prediction for investors and traders. According to IntoTheBlock’s data, Dogecoin’s transaction volume has seen a 35.4% increase, and its regular active addresses have surged by 1.3%, indicating a positive outlook.
Tags: DOGE