DOGE Price Skyrockets as 90 Million Dogecoin Traded in 48 Hours
2024-12-28
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Dogecoin DOGEUSD has seen an increase in activity over the past 48 hours, with a staggering 90 million DOGE on the move. According to cryptocurrency analyst Ali, whales have bought over 90 million DOGE in the last 48 hours. This accumulation comes as DOGE’s price rebounded after three consecutive days of declines.
A Bitcoin-led rally fizzled in the final days of a record-breaking year for digital assets. This sentiment spilled to altcoins, with several of these assets posting lackluster trading action toward the year's end.
Whales bought over 90 million #Dogecoin $DOGE in the past 48 hours! pic.twitter.com/lGsMtz0iPp
After the Christmas break, jobless claims data released Thursday came in lower at 219,000, falling short of Dow Jones's average prediction of 225,000. However, continuing claims increased by 46,000 in the week ended Dec. 14, reaching the highest level since November 2021.
Traders predict a more hawkish Federal Reserve in 2025. The central bank's next meeting is scheduled for the end of January, when rates are expected to remain unchanged. This cautious stance seems to be impacting the markets, including cryptocurrencies.
Dogecoin is currently oscillating in a tight range and is flirting with a drop for December, which would be its first monthly decline since September when it embarked on a rise.
On Dec. 8, Dogecoin reached a high of $0.484 before encountering resistance and declining. The drop reached a low of $0.261 on Dec. 20, following which it entered range trading.
Dogecoin was up 0.61% in the last 24 hours to $0.316, but down 9% weekly as of writing.
What's next for Dogecoin: Bulls and bears scenario
After three consecutive days of drop, Dogecoin rebounded from lows of $0.308 on Dec. 27. The rally appears to have stuck at intraday highs of $0.317 in today's trading session, implying that bears are selling on any slight advance.
There is some support near $0.30, but if it breaks, Dogecoin might fall to $0.27. Buyers are likely to defend the $0.27 to $0.23 range.
If bulls want to halt the downside, they must push and hold the price above the moving averages. In this scenario, a break above the daily SMA 50 at $0.38 might be pertinent to watch in this regard. If bulls achieve this, it may indicate that the correction has ended. Dogecoin may potentially reach $0.43.