Dogecoin triggers a Golden cross after whales accumulate 2 billion tokens

Dogecoin ( DOGE ) has recorded strong growth this month, surpassing previous resistance levels.

The increase is not only due to favorable market conditions but also from the actions of large holders. If this trend continues, DOGE could definitely go further.

Whales Change the Direction

DOGE whales are a significant driving force behind the recent price fluctuations, reflecting optimistic sentiment since the beginning of the month. According to data from Santiment, over the past week, addresses holding between 100 million and 1 billion DOGE have accumulated more than 2 billion DOGE, worth approximately 500 million USD.

This accumulation demonstrates strong confidence in the long-term potential of DOGE and plays a crucial role in driving price increases, creating a solid foundation for the next steps.

The holdings of DOGE whales | Source: SantimentThe overall trend of Dogecoin is shifting from a downward to an upward movement, thanks to important technical indicators. The 50-day and 200-day Exponential Moving Average (EMA) have recently formed a Golden Cross, signaling a significant change in market sentiment.

The Golden Cross has marked the end of a 5-month downtrend indicated by the Death Cross, suggesting that the future path of Dogecoin may be more favorable.

This crossover is an important indicator showing that DOGE is ready for further growth, as the long-term outlook improves. If Dogecoin maintains its growth momentum and continues to meet strong support levels, the price may continue on an upward trajectory in the coming weeks.

Dogecoin Golden Cross | Source: TradingView## DOGE maintains upward momentum

Currently, DOGE is trading around $0.248, recently surpassing the resistance level of $0.241.

To maintain momentum, DOGE needs to flip this level into a solid support. If it holds above $0.241, the price could continue to rise, with $0.273 serving as the next major resistance level.

The support from "whales" along with the Golden Cross signal could help DOGE break through $0.273 and continue to rise.

Technical Analysis of DOGE | Source: TradingViewHowever, if the momentum is not reinforced, DOGE may go through an accumulation phase between the levels of $0.241 and $0.218. This scenario indicates that market confidence is weakening, leading to a temporary correction.

If this happens, the bullish outlook will be invalidated and DOGE may reverse and drop.

Vincent