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.
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.
Most likely, volatility is escalating, and the coin can both take off and fall heavily this afternoon.