This time, DOGE has reached a four-month high in transactions by whales, suggesting they may be positioning for a big price move in the future, as crypto analyst Ali Martinez tweeted on April 26. To drive his point home, Martinez posted a chart that shows an increase in the number of large transactions on April 25, along with a slight increase in price. Specifically, the number of transactions on the DOGE network with a value greater than $100,000 reached a four-month high at 2,440 transactions. According to Martinez:
DOGE price analysis
Speaking of price movements, Martinez also posted a chart showing that DOGE looks to be heading to $0.24, after breaking out from a falling wedge pattern on the seven-day charts. However, he did warn that: It is also worth noting that Finbold earlier reported on DOGE adding as much as $2 billion to its market capitalization in only one hour, as Musk was still trying to reach a deal over the proposed takeover of the Twitter (NYSE: TWTR) platform. As a direct consequence of the confirmed takeover news, the price of Dogecoin skyrocketed, rising from $0.1248 to a high of $0.1374 in under an hour, and its market cap from $16.56 billion to $18.64 billion in an hour. At press time, DOGE was trading at $0.1652, up 32.68% over 24 hours and 18.16% across the week, as per CoinMarketCap data. It remains to be seen whether it will continue to bullishly push upward and perhaps even regain $0.50 (or more) in 2022. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
