DOGECOIN (DOGE) sees a renewed bullish momentum while cryptocurrency accumulate massive quantities of the medal of the same. According to analyst Ali, more than 600 million Doge have been recovered by major holders in the last 48 hours, reporting growing confidence in the potential of the increase in the potential of the asset. This accumulation coincides with the recent escape of Bitcoin over $ 104,000, marking its highest level since January and stimulating a wider optimism on the market.
At the time of writing the editorial staff, Dogecoin won 2.26% in the last 24 hours, negotiating $ 0.2334. Each week, cryptocurrency is up more than 35%, surpassing most of the 10 best digital active workers, except Ethereum, which jumped 38%. Dogecoin briefly reached $ 0.259 early Sunday – its highest price since February 21, after a recent rallying lower by $ 0.164 on May 6.
The open interest in Doge Futures has also climbed almost 10% to 2.85 billion dollars in the last 24 hours, reaching the levels that we have not seen since mid-February, according to Coinglass data. The increase in interests open in parallel with prices growth generally indicates a strong conviction for investors and increasing speculative interests.
Currently, Dogecoin faces a resistance almost $ 0.259, near the simple 200 -day mobile average (SMA) at $ 0.265. An escape above this level could feed other gains, while support is observed in SMA of 50 days. If the dynamics of implementation, Doge can consolidate between these two SMAs before its next significant movement.
The accumulation of whales, increased commercial activity and positive technical signals suggest that DOGE could prepare for a continuous rally, especially if Bitcoin maintains its upward trend. Investors are careful about Dogecoin’s attempt to recover higher land in the overvoltage of the current cryptography market.
