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The cryptocurrency market has rebounded heading into Christmas dayas traders hope that the prices of many crypto assets will rise during the holiday. Amid expectations on the cryptocurrency market, whales or major holders are making big moves.
according to oncryptocurrency analyst, whales bought 270 million Dogecoin (DOGE) In the last 96 hours. This large acquisition is worth approximately $89.64 million at current market prices, sparking speculation about what might be brewing.
This accumulation is usually observed during periods of consolidation or falling prices, as large holders, or whales, take advantage of falling prices to increase their positions. DOGE is now consolidating after a major market sell-off, which saw its price fall to $0.261 on December 20.
This trend in Dogecoin may indicate that whales are preparing for a potential price increase or new developments within the Dogecoin ecosystem.
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The Dogecoin Foundation, a non-profit organization committed to the development and growth of Dogecoin, is integrating software, libraries and services aimed at bridging the gap as a payment mechanism, as well as developing tools for grassroots adoption in emerging economies.
According to the recent 2024 Dogecoin Ecosystem Report, the Dogecoin Foundation noted that open source software is now approaching the point where it is ready for adoption, providing an opportunity for many for-profit companies to use and market these tools to help bring Dogecoin to market. Payment solutions for a broader, non-technical audience.
What's next for Dogecoin price?
Dogecoin Dogecoin has been trading in a range since recovering from the lows of $0.261 on December 20. In a two-day rally, Dogecoin reached a high of $0.34 on December 24. At the time of writing, Dogecoin is up 3.93% in the last 24 days. Hours to $0.332 and down 15% weekly.
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On the upside, Dogecoin may face resistance at $0.349, ahead of the 50 daily EMA at $0.373. Dogecoin price may then rise to $0.43, which is expected to act as strong resistance. In case the price goes lower, support is expected at $0.27 and $0.23, with the daily 200 simple moving average at $0.182.
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