The Dogecoin rate soared to $0.0876 last Tuesday, the highest value since the beginning of June 2022. Altcoin began to add value at the end of last week.
The Santimemt team has spotted a spike in whale activity on the Dogecoin network. The blockchain saw a surge in transactions of over $100,000. Major addresses resumed buying after DOGE bottomed out at around $0.069.
Typically, whales start buying cryptocurrencies when they are sure that it has reached fundamental values, and a further pullback is unlikely.
However, after reaching a peak at $0.0876, the whales were among the main sellers which provoked a decline in the DOGE rate to $0.0802 on the night of Thursday, August 18.
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The pressure was not so strong, so the rollback was moderate. A zone of strong resistance formed in the area of $0.088, and the coin failed to overcome this barrier.
If selling pressure intensifies in the coming days, then DOGE may retreat to $0.066, and here the altcoin can gain support.
According to BitinfoCharts, activity on the Dogecoin network is increasing. The average daily number of transactions on August 17 reached 51,180.
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Most likely, volatility is escalating, and the coin can both take off and fall heavily this afternoon.