Dogecoin (DOGE), the meme cryptocurrency, is experiencing increased whale activity as large amounts of tokens worth over $61 million have been moved in recent days. Whale Alert reported that on July 20, 400 million DOGE worth $50.33 million was transferred from Robinhood to an unknown wallet, followed by another 77.65 million DOGE valued at $10.82 million on July 23. Despite this, DOGE is facing short-term bearish pressure as it struggles to surpass key resistance levels, currently trading at $0.13 with a 5% daily loss. However, the weekly chart shows a 3% increase in value.
Crypto analyst RLinda has highlighted key price levels to watch for DOGE on July 23. She pointed out that the market bottom for DOGE lies between the $0.10 and $0.05 range, with strong accumulation in that area as seen in the spring. The recent retest at $0.106 indicated that bulls are determined to maintain control, indicating positive medium-term prospects for the cryptocurrency. RLinda also noted a breaking of the trend resistance on the daily chart, with a small rally towards $0.1437 and the formation of a wedge pattern. The bullish phase is likely to continue if bulls can hold their positions above the $0.126 to $0.12 support levels.
Looking ahead, RLinda predicts a potential breakout of the local high and a rise to all-time highs for DOGE. She advised investors to keep an eye on key resistance levels at $0.1437 and $0.1657, along with support levels at $0.126 and $0.12. Despite the lack of fundamental analysis, RLinda sees good technical prospects for DOGE, especially with the spike in whale activity indicating increased interest from investors. The analyst anticipates a positive outcome from the bulls, leading to a rally towards new highs, with the $0.15 mark being a key target that could potentially result in a new record high for DOGE.
In conclusion, Dogecoin is currently navigating through whale activity and short-term bearish pressure as it aims to surpass key resistance levels and achieve a new record high. With increased whale activity and positive technical prospects, DOGE may see a breakout of the local high and a potential rally towards all-time highs. Investors should exercise caution and keep an eye on key support and resistance levels to better gauge the market sentiment and make informed investment decisions.
