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Whale Alert: 130M DOGE Scooped Up as Price Slides 15%

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TL;DR

  • Large wallets added 130M DOGE during the recent price dip, suggesting strategic accumulation at lower levels.
  • A potential double bottom pattern forms with key resistance at $0.2435 on the 4-hour chart.
  • Dogecoin RSI dips into oversold territory as wallet growth climbs past 109M active addresses.

Whales Acquire Large DOGE Volume During Market Pullback

Over the past 24 hours, wallets holding between 10 million and 1 billion DOGE added 130 million coins, according to data shared by Ali Martinez. This move came as Dogecoin’s price fell under $0.23, marking a 6% drop in a single day and more than 15% over the week.

Meanwhile, the chart shows holdings from large wallets rising steadily while the price declined. This pattern often signals buying during a correction, with whales positioning for future moves.

Pointing to the accumulation as a response to the recent price action, Martinez stated, 

Potential Reversal Structure

Trader Tardigrade noted that Dogecoin might be forming a double bottom on the 4-hour chart. This setup starts with two low points near the same price level, separated by a short-term rise.

The first low came near $0.2160 on July 25. A second dip formed on July 29, slightly above the previous low. Both bottoms are followed by a resistance level around $0.2435. The asset has tested this level multiple times but hasn’t broken through yet.

A move above $0.2435 could open the way to targets near $0.27. A drop below $0.22, however, would cancel the pattern.

Oversold Signal Appears on 1-Hour Chart

In another post, the same analyst shared a 1-hour chart showing a 10% price drop over 17 hours. During this slide, the RSI moved from overbought to below 30, which is considered oversold.

When the RSI dips this low, it often reflects strong selling pressure that may be running out. The chart suggests the asset could now pause or change direction. Further confirmation is still needed.

In addition, data from Glassnode shows steady growth in Dogecoin addresses. At press time, there were 109.14 million active addresses, up from 108.5 million one month ago.

glassnode-studio_doge-number-of-addresses
Source: Glassnode

This gradual growth indicates continuing interest of the users. Prices have shifted to lower levels, although network participation is increasing, indicating a trend of increased usage and retention.

Postul Whale Alert: 130M DOGE Scooped Up as Price Slides 15% a apărut prima dată pe CryptoPotato.

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