Amid the stunning one-week rise in the value of Dogecoin, a renowned expert has shared some critical support and resistance levels to watch.
Dogecoin, the largest memecoin by market cap, stays among the top trending crypto assets on CoinMarketCap. While Bitcoin and other large-cap altcoins continue to plummet, the dog-themed cryptocurrency boasts a double-digit gain in the past seven days.
As investor interest in DOGE continues to soar, Ali Martinez took to Twitter today to disclose some critical supports and resistances traders should watch. The crypto market watcher further highlighted the rising accumulation of Dogecoin by several whale addresses.
Key Dogecoin Supports and Resistances
A previous report by The Crypto Basic shows that Martinez has been keenly watching the Dogecoin market. This time, the top crypto strategist noted that traders should watch the $0.070 – $0.076 level on the DOGE/USDT chart, dubbing this range the most crucial support zone for Dogecoin.
#Dogecoin | The most important support zone is between $0.070 and $0.076, where 452,000 wallets acquired 51.4 billion $DOGE.
Conversely, #DOGE faces stiff resistance at $0.083 and $0.088. pic.twitter.com/rzPNJEtvuR
— Ali (@ali_charts) July 26, 2023
On the other hand, the analyst submitted that the bears are firmly stationed at the $0.083 and $0.088 price levels to take profits off DOGE. These highlighted levels may be seen clearly on the lower timeframe charts.
However, the DOGE/USDT one-day chart shows that DOGE has tight support at $0.06253 and $0.0530. Several resistance zones are also available on the chart, with the near-term resistances at the $0.083 and $0.095 price levels. The last time Dogecoin retested $0.095 was in April.
DOGE Whale Accumulation
Considering the prevailing bullish tendencies for Dogecoin, including whale actions, Martinez believes the meme coin could surpass these resistances, citing the formation of a multi-year descending triangle.
As earlier published, the crypto strategist called attention to the repetition of a historical pattern. The last time DOGE broke out of this pattern, it rallied by 23,200% over the following months.
Notably, whales continue to accumulate the token at crucial support levels. According to Martinez, 452,000 wallets acquired 51.4 billion DOGE between the $0.06253 and $0.0530 price zones.
Data further showed that 172.68K addresses grabbed about 21.4B Dogecoins at an average price of $0.0742. Per the update, 179K addresses accumulated 30B DOGE at an average price of $0.0719.
As reported by The Crypto Basic, these whale actions may have contributed to the over 25% increase in Dogecoin price in the past two weeks, which resulted in a 2.4% ROI for active one-year DOGE traders.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.