Whale buys 200 billion DOGE when the price is about to rise to $0.30

In the past week, large investors (whales) have purchased over 200 billion Dogecoin tokens (DOGE), demonstrating strong confidence despite recent volatility due to the release of the Producer Price Index (PPI) from America.

This volatility has lasted for more than seven days, with prices fluctuating between 0.22 USD and 0.247 USD. At the time of writing, the price of Dogecoin is trading at 0.23 USD.

DOGE price chart | Source: Bitcoin MagazineDespite facing price pressure, traders and investors continue to show active participation, leading to a 20% increase in trading volume.

Strong buying activity from large investors

Recently, an expert in the cryptocurrency field revealed that large investors have purchased over 200 billion DOGE tokens in the past week, amid prices continuing to trend sideways.

Source: XThis significant accumulation by large investors has increased the optimistic outlook for the price of Dogecoin, suggesting a potential breakout in the future. Additionally, a well-known cryptocurrency expert shared on platform X, emphasizing that despite the recent slight price decrease, Dogecoin remains steadfast in the bullish double bottom pattern.

Price Prediction for Dogecoin

Based on technical analysis from Bitcoin Magazine, the price of Dogecoin seems to depend on the levels of 0.22 USD and 0.247 USD. On the daily chart, these levels represent the accumulation boundaries that the coin has adhered to over the past week.

Source: TradingViewIf the price accelerates and breaks through the upper boundary, closing the daily candle above $0.247, this could trigger a strong increase of 21%, pushing the price to $0.30. Conversely, if the momentum is insufficient and Dogecoin drops below $0.22, this could lead to a decrease of 11%, bringing the price down to $0.19.

At the time of writing, the Supertrend indicator is signaling a bearish trend, turning red and remaining above the price level of Dogecoin.

Optimistic prospects from traders

In the current context of optimistic market sentiment, traders are leaning towards long positions, indicating strong support for the bullish trend. According to the on-chain analysis platform CoinGlass, DOGE is facing important liquidation levels at 0.2213 USD and 0.2354 USD.

At these price levels, traders have built up $48.88 million in long positions compared to $26 million in short positions—highlighting a bias towards optimistic leverage.

This imbalance indicates that the bulls are strongly controlling the market, and Dogecoin may be ready to continue its upward trend in the near future.

Mr. Giáo