Dogecoin price vs. DOGE large holders Netflow | Into the Block
Notably, the netflow chart reveals that the whale added 37.43 million DOGE on September 29, with buying pressure increasing in the following days. By October 3rd, the whale had accumulated an additional 1.55 billion DOGE as the market continued to decline.
Based on the 5-day simple moving average (SMA) price of $0.11, these whale investors effectively spent $160 million to buy DOGE during the market decline.
Whale investors are known to have long-term investment horizons. Therefore, the accumulation of such large numbers of whales in such a short period of time could reduce short-term market supply. Therefore, the $160 million whale inflow over the past four days may have played a pivotal role in Dogecoin’s price quickly breaking 9% on October 4th.
Dogecoin Price Prediction: $0.11 Breakdown Could Cause Further Rise
Now that Dogecoin has broken above the key resistance level of $0.11, many analysts are eyeing further upside in the short term. The current price trend suggests a possible bullish reversal, supported by the presence of technical indicators indicating continued upward momentum.
Using the attached chart for technical analysis, several indicators provide clear signals for Dogecoin’s future price movements. Moving Average Convergence Divergence (MACD) is a momentum oscillator that helps identify changes in trend direction and indicates positive divergence.
The MACD line (blue) is trending above the signal line (orange), confirming bullish momentum is building. The continued upward trajectory of MACD could indicate the possibility of further rise in DOGE in the coming days.
Another important indicator is the 50-day moving average (MA), which has acted as a dynamic support level in recent days. Dogecoin price is currently above this moving average, reinforcing bullish sentiment. Traders typically consider an asset that is trading above its 50-day moving average to be in an uptrend.
