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New Whales Join the Dogecoin Army, Will the DOGE Price Withness a Fresh Rally to $0.1?

New Whales Join the Dogecoin Army, Will the DOGE Price Withness a Fresh Rally to $0.1?

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  • The price of Dogecoin has been flat for the past couple of months, and the bearish gap has largely intensified!

  • A revival of the uptrend seems to be just around the corner, and thus a significant jump in DOGE prices may be expected in the coming days

Dogecoin recently introduced new collaborations where software giant BigCommerce partnered with BitPay & Coinpayments to accept DOGE alongside other popular cryptos. The news could have raised the price significantly, but the property remained intact. Moreover, the possibility of the price falling below $0.058 is high.

On the bright side, the DOGE price may slightly ease the bearish effect as new players enter the market. Almost six new whales have joined the network with almost 620 million DOGE. The number of addresses with 100M for 1B DOGE has increased by almost 5.13% over the past week.

Source: Intotheblock

Almost 115-117 addresses held 100 million for 1B DOGE since the beginning of May, but the number of whales has increased to 125 in the last week. Currently, 100 million - 1B DOGE are held at nearly 28.17K addresses, with a total of 7.68 billion DOGE worth nearly $700 million. Although they make up only 5.64% of the total supply in circulation, its impact on price may seem smaller.

Dogecoin (DOGE) Price Analysis

  • With the recent uptrend, DOGE price broke out of the bearish wedge, but faced a big rejection at the 200-day MA, which is considered a crucial resistance
  • However, the price is still holding the 50-day MA as a strong support that could further ignite a strong recovery.
  • In the coming days, the DOGE price may again try to test the immediate resistance at $0.064 and try to secure the levels above
  • In such a scenario, the price of Dogecoin (DOGE) can rise above $0.071 and go ahead to cut the zero

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