The Dogecoin price has consolidated in recent weeks, even if data on the chain indicate the accumulation of whales.
At the last verification on Sunday, Dogecoin (Doge) was negotiated at $ 0.1743, a range in which he remained stuck in the past few days. This price is around 36% above the lowest level of this year.
The chain data compiled by Santiment show that large investors have continued to accumulate the medal. Doge’s holders with between 1 million and 10 million parts increased their assets by 10.3 billion in March to 10.5 billion today, an increase of 200 million.
Likewise, the largest holders with between 100 million and 1 billion pieces increased their positions by 23.4 billion in March to 25.52 billion. The accumulation of whales, in particular on a lower market, is considered a positive catalyst for an asset.
These whales bought the part, potentially anticipating an approval of the Doge ETF spot by the Securities and Exchange Commission. The chances of this approval are high because Dogecoin is a cryptocurrency of evidence of work, and the agency is not afraid that it is security.
The Dogecoin price has stalled for two main reasons. First, there are signs of rotation, traditional mecoins to the most recent on the Solana ecosystem. Its slow performance occurred while the best parts of memes Solana Like Fartcoin (Fartcoin) and Popcat (Popcat) jumped.
Secondly, Elon Musk hinted that he would reduce his work for the government’s ministry of efficiency while Tesla’s stock crashed. The release of the DOGE project will have no direct impact on Dogecoin. However, this can harm the feeling among investors.
Technical analysis of the price of the dogecoin
The daily graphic reveals that the price of DOGE has evolved on the side in recent weeks. He formed a symmetrical triangle pattern whose two lines are about to converge.
This triangle occurs after the room crashed by $ 0.4815 in December. As such, there is a risk that he has formed a lowering pennant scheme.
Consequently, the price of Dogecoin could soon have a downward ventilation, potentially to support at $ 0.10, which is down 43% compared to the current level. This downward perspective will be invalidated if it exceeds the level of trace of 50% to $ 0.2796.
Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer. The two software engineers were allegedly inspired by the popular “Doge” with a Shiba Inu dog. The piece, formed using the Litecoin code base, has seen popularity overvoltages thanks in part to the approvals of the CEO of Tesla, Elon Musk.
