The world’s first parody cryptocurrency Dogecoin (DOGE) It may soon become the best performing asset in the crypto market. The FxStreet analyst claims that you should keep your eyes on crypto’s first dog.
Dogecoin price looks pretty promising
While the notorious meme coin is expected to outperform the rest of the crypto market soon, the popular meme coin dogecoinis on the analysts watch list of the 5 most-to-follow cryptos. Technical analysis from a macro perspective is detailed rather optimistically compared to past forecasts and targets are in the $1.00 price range. On June 24, conditions look pretty ideal for Elon Musk’s favorite cryptocurrency, with daily trading hours predicting a possible early entry setup.
Koinfinans.com As we mentioned, with the bulls moving away from the historical trendline, Dogecoin price It is trading around $0.065. In the process, the bulls are displaying an upward impulse wave from the June 19 low of $0.048. If the impulse is indeed the first wave of a bigger rally, DOGE price may reach targets of $0.175 and higher this month, making it suitable for the meme coin’s motto: the moon journey.
Because first-wave signals are often difficult to detect, Dogecoin priceIt is also worth noting that the coin may provide a rare bullish combination.
Stating that invalidating the early entry bullish trade setup, along with a warning, could result in a June 19 low of $0.048, analyst Tony M says investors should wait for a wave C retest of the $0.057 region before buying. If a retest occurs, the next breakout expected to occur after the $0.069 level is a definite sign of the invalidation level. stop loss with a level entry point it could be. However, if the invalidation level at $0.048 is breached, the bears can be expected to retrace towards $0.037, causing a 43 percent drop from the current price.
Dogecoin whale transactions up 45% as DOGE sees buying pressure
According to IntoTheBlock data, Dogecoin whales/big coin holders; It’s on the move right now, with major transactions up nearly 45 percent in the last 24 hours. Large transaction fluctuations are typically associated with increased buying or selling activity of whales, and big transaction Transactions defined as “usually more than $100,000”.
This surge in whale transactions came after 600 million Dogecoins were transferred to Robinhood in four separate transactions. According to the warning by Dogewhale, the largest of these wallets moved 299,000,000 DOGE, while each of the others transferred 100,000,000 DOGE.
JUST IN: $FAME @famemmatv now on top 10 purchased tokens among 100 biggest #BSC whales in the last 24hrs 🐳
We’ve also got $DOGE, $DOT, $vBUSD, $MOVEZ & $MATIC on the list 👀
Whale leaderboard: https://t.co/0SYnjw0xQs#FAME #whalestats #babywhale #BBW pic.twitter.com/diN41HjRj0
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) June 25, 2022
Again, according to the report of WhaleStats, Dogecoin took its place among the 10 most purchased assets by the 100 most purchased BSC whales in the last 24 hours.
In the last 24 hours, Dogecoin was one of the most popular smart contracts among the top 1000 and 4,000 BSC whales.
Elon Musk reiterated his support for DOGE
Earlier in the week, Tesla CEO Elon Musk reiterated his support for Dogecoin, explaining the reason he supports the meme cryptocurrency. Speaking in an interview at the Qatar Economic Forum in Doha, Musk told Bloomberg:
“Many people who don’t have much have encouraged me to buy and support Dogecoin. I answer these people.”
Although it’s been a long time since Elon Musk first mentioned the meme coin and the coin has lost most of its value, he remains a staunch advocate of Dogecoin. Dogecoin, which rose to an all-time high of $0.76 in May 2021 after Musk’s appearance on the “Saturday Night Live” show, is trading down 90.97 percent from its all-time high at current prices. However, despite this, Dogecoin still maintains its place in the top 10 in the ranking of the largest cryptocurrencies by market capitalization.
Meme coin’s chart supports the above-mentioned analyst’s predictions and bulls in meme coin, which recovered from the lows of $0.04 on June 18, are moving towards the $0.07 mark where Dogecoin can continue to test the daily MA 50 barrier at $0.08. is transitioning. at the time of writing Dogecoin priceAccording to CoinMarketCap data, it is at the level of $0.06, with an increase of approximately 1 percent in the last 24 hours and an increase of 23.17 percent compared to the previous week.
The profitability of the top meme cryptocurrency also rose to 52 percent following this positive price action, according to IntoTheBlock data.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.