Large address activity on Dogecoin (DOGE) has been at its lowest point in months due to the meme coins lackluster pricing performance. The most recent price jump, however, is a significant indicator that indicates something other than rising profitability.
Dogecoin (DOGE) Whales Return as DOGE Rise Above $0.072
One of the most volatile asset classes on the cryptocurrency markets is memecoins. They frequently move independently during bullruns, providing hundreds of percent profit to fortunate investors. They remain stationary during downtrends, with the majority tracking the performance of other assets like Ethereum.
DOGE/USD 4-hour chart | Source: TradingView
Fortunately, despite the sharp price rise, the DOGE rally resumed the following day. The asset stabilizes at the nearby resistance level indicated by the 200-day moving average. The first attempt to terminate the downturn in the previous 200 days would be breaking through the resistance above.
Bulls must offer the possible volume at this specific time because selling pressure pushes DOGE down sharply around the resistance above level. As of publication, Dogecoin is trading at $0.007, up 7.2% from the previous day.
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