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Whale Alert in Dogecoin! Millions of Dollars in Sales Have Come! What Does It Mean? Here Are the Details
Dogecoin (DOGE), has recently entered a consolidation phase just below the $0.26 level, drawing attention to the sales executed by whales.
Dogecoin Continues to Maintain Its Uptrend Structure: Whales Sold 40 Million Dollars' Worth of DOGE, Is a New Jump Around the Corner?
According to on-chain data, 170 million DOGE, or about $40 million worth of tokens, have changed hands in the past few days. This development may indicate that the market is laying the groundwork for a possible upside breakout.
Technical Outlook: A Healthy Correction?
Dogecoin has maintained a strong upward structure despite experiencing an 18% pullback since its local peak on May 11. The price action has formed a structure similar to a classic "bull flag" following the rally that began in early April.
Analysts predict that the current consolidation is a healthy correction and that DOGE could bounce to the range of 0.35 to 0.45 dollars within the next 7 days. These targets imply a potential gain of between 52% and 114% from the current price level.
Technical Analysis Highlights
The Role of Whales
Large-scale sales made by whales often cause short-term volatility in the market, but such movements can also be interpreted as a precursor to the next rally.
The positive signals from technical structures and the strong maintenance of overall market sentiment support the potential for a bounce for Dogecoin.
Next week could be critical for Dogecoin investors; whether the price can break the resistance at 0.26 dollars will determine the direction of the next big move.