Dogecoin: Whales Go Buying and DOGE Shows Two Breakout Signs

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Dogecoin: Whales Go Buying and DOGE Shows Two Breakout Signs
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Dogecoin (DOGE) is showing signs of a breakout, driven by large investor movements and a more favorable economic scenario.

The recent interest rate cut by the US Federal Reserve (FED) has helped bring a more positive tone to the cryptocurrency market. And Dogecoin is among the assets that have benefited the most from this change.

While the performance of some small-cap memecoins has overshadowed the gains of Dogecoin and Shiba Inu (SHIB), DOGE is still up 3% over the past week. This suggests that the memecoin may be on the verge of breaking through some important resistance barriers.

According to analysts like Ali Martinez, Dogecoin is close to a significant breakout, signaled by two technical factors. The first is the breakout of the descending line on the Relative Strength Index (RSI) on DOGE’s daily charts.

Dogecoin Analysis

This move is an indication that the selling momentum may be losing steam, paving the way for a potential rally. The second crucial factor is the price of DOGE remaining above the $0.11 resistance line. If the asset manages to break above this level and hold, analysts believe that a significant rally could be on the horizon.

Dogecoin is currently trading at $0.1069, up 2% in the last 24 hours. Another piece of data that reinforces this outlook is the Chaikin Money Flow Index (CMF), which registers a positive reading of 0.19. This value indicates a greater inflow of capital from large investors, known as “whales”.

This increase in whale activity suggests that large-scale investors are buying DOGE, which could have a significant impact on the cryptocurrency’s price.

Historically, interest rate cuts by the Fed have been highly positive for Dogecoin. A notable example occurred in March 2017, when an interest rate cut resulted in a staggering 9,000% increase in the value of DOGE.

The scenario repeated itself in 2020, when the cryptocurrency registered a 30,000% appreciation, reaching its all-time high of US$0.7316 in May 2021.

With the recent interest rate cut, Dogecoin is already feeling the effects. The memecoin saw a 1,757% increase in activity from large investors in just 24 hours.

Dogecoin: Whales Go Buying and DOGE Shows Two Breakout Signs

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Dogecoin: Whales Go Buying and DOGE Shows Two Breakout Signs

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Dogecoin: Whales Go Buying and DOGE Shows Two Breakout Signs

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Dogecoin: Whales Go Buying and DOGE Shows Two Breakout Signs

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