Cryptocurrency analyst Ali Martinez said on Sunday that Dogecoin (CRYPTO: DOGE) whales could be positioning for a “bullish breakout” even as the memecoin battled strong resistance.
Do Whales Know Something?
Martinez highlighted that large investors bought 1.14 billion DOGE worth $112 million over the last four days, adding, “Whales appear to be positioning for a bullish breakout.”
The on-chain researcher also flagged $0.098 as a “major resistance” where roughly 28 billion DOGE previously changed hands.
“Clear that, and $0.20 becomes the next major hurdle, backed by approximately 12 billion DOGE,” Martinez said.
Positive Action Incoming?
Javon Marks, another widely followed technical analyst, predicted “positive action” for DOGE, citing a bullish divergence on the Moving Average Convergence Divergence indicator.
“This divergence can be responsible for Dogecoin entering a continuation towards its breakout target at $0.6533 and that’d be massive as this target is currently over 560% away.” Marks stated.
Bullish bets for DOGE Spike
The Bull Bear Power indicator, which measures the strength of buyers and sellers, was “Neutral” for DOGE, and so was the Relative Strength Index, according to TradingView.
Binance’s top derivatives traders—the top 20% of users with the highest margin balance—increased their long exposure to the memecoin over the weekend, according to Coinglass.
Price Action: As of this writing, DOGE is down 1.30% in the last 24 hours to $0.0943, according to Benzinga Pro.
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