This week Dogecoin shows new signs of life, whereby great holder activity refers to a possible shift in Momentum.
Summary
- Dogecoin Price Eyes Breakout as whale accumulation signals renewed confidence and feeds a new bullish momentum.
- The hope for approval of Spot Dogecoin ETF of the SEC this month is the further stimulation of investor sentiment and market activity.
- Doge acts almost $ 0.26 with technical means that shows space for the $ 0.30 resistance zone.
Dogecoin price acts slightly less than $ 0.26 at the time of writing, a decrease of 2.38% in the last 24 hours. The dip comes after a short -term rally and seems to be part of normal price consolidation after recent profit.
Despite the daily drop, Doge (doge) has risen 10.7% in the past week. The price pushes higher after the outbreak of a long stretch of sideways trade, with signs of renewed momentum.
Whale activity seems to play a major role in pushing the Dogecoin price higher. According to analyst of the Ali Martinez chain, recently large holders built More than 30 million doge in one day, signaling increased confidence in the OG -Memecoin among large investors.
In addition to whale retaining, the prospect of a spot doge ETF approval is to add fuel to the rally. As previously reported by crypto.news, the SEC is expected to be from Bitwise and Grayscale later this month. This builds on the momentum of the September debut of the Rex-Esprey $ Doje ETF, which became the first US-watched Dogecoin Futures ETF, which drawn institutional attention to the active.
The favorable momentum around Uptober also helps to increase sentiment and attract new capital flows. According to facts From Arkham Intelligence, centralized exchanges have seen an increase in Dogecoin outflows last week by almost $ 700 million in Doge from Binance and Coinbase.
Dogecoin price analysis
On the graph, Dogecoin acts within a rising channel that has been present since mid -June, so that a clear structural shift is marked after the outbreak of a long -term downtrend. The recent strout of the lower channel line near $ 0.24 at the end of September confirms continuous support at that level.
The price now pushes higher in the canal and is approaching resistance in the vicinity of $ 0.27 in the short term. A clean break above this zone could open the path to $ 0.30, which is in line with the top of the channel and remains an important target for bulls.
The relative strength index (RSI) is currently around 56, which suggests that a moderately bullish momentum without overbought busy. This leaves room for further upside down if buying volume continues to build. However, if Doge does not exceed $ 0.27, it could again consolidate within its current reach between $ 0.24 and $ 0.26 before it takes its next step.
In general, the current bullish setup leans and can lead to an outbreak such as steady accumulation, healthy RSI levels and bullish sentiment.
