Dogecoin [DOGE] has recently grabbed attention in the cryptocurrency market with a significant 35% increase in large transactions. This surge in activity could be a precursor to notable price movements.
A Surge in Large Transactions Signals a Major Move
At the time of writing, Dogecoin was trading at $0.1023, just below a crucial resistance level at $0.1042. If the current momentum continues, there is potential for DOGE to break through this resistance level.
Such a move would trigger the liquidation of $322,000 worth of Dogecoin and could initiate a new wave of buying activity.
DOGE: Key Levels to Watch
According to liquidation heatmap data, the $0.1042 and $0.1000 levels are critical for the next DOGE move. Most liquidations are expected to occur around these key levels. A break above the $0.1042 mark could lead to significant buy liquidations, potentially driving the price higher.
Conversely, if Dogecoin drops to $0.1000, the market may witness substantial sell liquidations, pushing its value downward.
Analysis of market data indicates that 82.43% of Dogecoin holders remain in profitable positions, reflecting strong overall market confidence. However, the recent surge in large transactions could indicate more selling pressure than buying, adding an element of uncertainty to Dogecoin’s short-term trajectory.
A Make-or-Break Moment for DOGE
As DOGE hovers near these critical levels, the next price movement will be pivotal. If DOGE surpasses $0.1042, it could fuel further bullish momentum. However, a drop to $0.1000 might trigger increased selling activity, potentially driving the price lower.
