Dogecoin is experiencing significant uptick in whale activity
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Increasing institutional interest in cryptocurrencies, including Dogecoin, could be contributing to the rise in large transactions. Institutions entering the market often do so with substantial capital, leading to large transaction volumes.At the time of writing, Dogecoin was down 1.38% in the last 24 hours to $0.161. Dogecoin has remained above the 50-day SMA of $0.1547 since late May, indicating strong demand near this level.
If this trend continues, Dogecoin may surpass the short-term barrier of $0.174, which is a crucial mark to monitor. If buyers break through this barrier, Dogecoin might rise to $0.21, and then to $0.23.Conversely, if the price falls from the present level or the daily SMA 50, it may induce short-term selling. A breach below the 50-day SMA might reverse the short-term trend, sending Dogecoin to $0.14.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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