Dogecoin explosion: Understand the rally that led to the annual top

by Stephen Douglas
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Dogecoin explosion: Understand the rally that led to the annual
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Dogecoin explosion: Understand the rally that led to the annual top
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Dogecoin (DOGE) operates strongly this Friday (17), having reached its highest price since December 17, 2024.

Data from CoinGecko shows that memecoin is back trading above US$0.40 after accumulating a 25% appreciation in the last seven days. Will DOGE continue to rise or should we wait for a correction?

According to Santiment, investors who own between 10 million and 100 million DOGE, popularly called whales, have intensified their purchases in recent days.

This week, the number of coins held by this group surpassed the 22.5 billion mark – its highest level since 2016.

Whales buy Dogecoin again

Memecoin derivatives markets also show an accumulation trend. According to Binance’s Long/Short Ratio, the percentage of DOGE purchase operations on the exchange’s futures market jumped from 75% on Wednesday (17) to the current 82.41%.

As they are the investors with the largest capital in the crypto market, whales have great power to influence the price of Dogecoin. That way, It is possible that memecoin will continue on an upward trend as long as this group continues to buy the asset and open purchase positions in the futures markets.

The daily chart of the DOGE/USDT pair shows that the asset began its recent rally by testing the $0.30 support earlier this week. Since then, DOGE has risen more than 30%.

The current price zone of $0.40 acted as resistance between December 10th and 17th last year, and appears to be halting buyers’ momentum currently.

Bollinger Bands reinforce the importance of this price zone, as the price has already risen above the indicator’s resistance line. In parallel, the low trading volume is worrying, indicating that buyers have little strength to push the price to new heights.

Therefore, there are high chances of a correction occurring, especially if DOGE is unable to maintain its upward momentum above $0.41. The fact that the 4-hour Relative Strength Index (RSI) is above the 70 threshold increases this possibility.

Dogecoin explosion: Understand the rally that led to the annual top

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Dogecoin explosion: Understand the rally that led to the annual top

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Dogecoin explosion: Understand the rally that led to the annual top

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