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Following
DOGE Dogecoin broke through the downtrend line on Saturday, suggesting a possible shift in short-term momentum.
DOGE is currently trading at approximately US$0.07052, with resistance at US$0.0710 and support at US$0.07.
Online data shows that whales have increased their holdings of 680 million DOGE units, worth approximately US$48 million.
analyst KrissPax pointed to a breakthrough in this trend line, but buyers have not yet cleared resistance.
Analyst doggod linked whale buying to expectations of a Fed rate cut.
Body
As of this writing, the trading price of Dogecoin is US$0.07052. According to CoinMarketCap data, the currency's 24-hour trading volume was US$306.98 million and its market value was US$12.06 billion.
Over the past day, the price of dogcoin has remained relatively stable. But chart movements and whale activity suggest changes may be imminent in the future.
DOGE broke through the downtrend line on Saturday. In the past few trading days, this pattern has continued to suppress prices.
Cryptocurrency analyst KrisPax posted this news on the X platform. He said that this breakthrough indicates that the short-term market momentum of Dogecoin may change.
However, the buyer failed to hold on to the breakthrough results. DOGE encountered resistance around $0.0710 and then fell back into a narrow range.
Since then, the currency has remained slightly above US$0.07. Traders appear to be waiting for a clearer signal before taking bigger action.
Whale buying adds variables to the market.
Another set of data shared by analyst doggod on the X platform shows that large players are increasing their DOGE positions. Whales reportedly bought 680 million DOGE units worth nearly $48 million.
Dogegod linked the purchase to market expectations that the Federal Reserve might cut interest rates soon. Interest rate cuts can increase liquidity and promote more capital flows into speculative assets such as DOGE.
If whales continue to raise funds, the number of tokens available for sale on the exchange may decrease. However, this in itself does not guarantee a price increase.
Price direction will still depend on multiple factors, including the Federal Reserve's policy signals, overall market sentiment, trading volume and the persistence of whale activity.
What may happen next
DOGE's next move is likely to depend on the key price of $0.0710. If the closing price is above this level, it may support further gains.
If it falls below US$0.07, the recently formed support level will expire, which may open up a new channel for selling pressure.
Currently, DOGE is still operating in a narrow range between these two price points. Traders are watching closely for its decisive close in either direction.
As of writing, DOGE was reporting US$0.07052, slightly above the US$0.07 support level and below the US$0.0710 resistance level.
