Dogecoin (DOGE), the popular and world’s largest meme coin by market cap, has broken out of its two-week-long consolidation streak below a crucial support level. This breakout and bullish sentiment emerged ahead of the inauguration of former United States President Donald Trump, scheduled for January 20, 2024.
Whale Buys 400 Million DOGE
Amid this breakout, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale transferred a significant 400 million DOGE, worth $144.97 million, from Binance to an unknown wallet. This substantial withdrawal was made by the whale as the meme coin broke out of its consolidation zone.
Besides this recent purchase by the whale, today’s price surge suggests that investors may be dumping their holdings, potentially for profit booking, as revealed by the on-chain analytics firm Coinglass. Data from spot inflow/outflow indicates that exchanges have witnessed a significant $35.35 million worth of DOGE outflows in the past 24 hours.
This is the first significant inflow exchanges have witnessed since December 11, 2024, a period during which investors and long-term holders appear to have accumulated DOGE during the market dip.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE appears bullish following the recent consolidation breakout and is poised to continue its upward momentum. Based on recent price action and historical trends, there is a strong possibility that it could soar by 22% to reach the $0.47 mark in the coming days.
On the positive side, DOGE’s Relative Strength Index (RSI) currently stands below the overbought zone, indicating that the meme coin has enough room to continue its upward momentum.
Current Price Momentum
Currently, DOGE is trading near $0.382 and has experienced a price rally of over 12% in the past 24 hours. During the same period, its trading volume surged by 95%, indicating heightened participation from traders and investors compared to previous days.
