Dogecoin price is trading stronger these days, and the whales seem very interested.
However, one of the major resistance zones sits at around $0.5, and analysts believe we might see a slight pullback.
Once this pullback is over, we will see Dogecoin begin to ascend towards a new all-time high.
According to CoinMarketCap data, Dogecoin has completely reversed its bearish outlook from most of the year and is green on most timeframes.
There is now an ongoing wave of whale transactions on the cryptocurrency, with analysts pointing out the most important price levels to watch.
Here are most of the important things to know about Dogecoin.
This week, on 20 July, Whale Alerts drew attention to a single transaction carrying over 400 million DOGE (worth around $50.33 million), moving from Robinhood into an unknown wallet.
400 million DOGE moved
Source: Twitter
Soon after this whale transfer, another whale moved around 77.65 million DOGE from Robinhood two days later on 23 July.
This whale transfer was worth around $10.82 million, indicating that the whales have moved upwards of $60 million within the last two days.
The rise in whale holdings
This also echoes charting from Santiment, which shows that the number of whales holding between 100,000 to 100 million Dogecoin has increased for most of the current quarter.
Due to the ongoing whale activity, Dogecoin has trouble breaking above important resistance levels.
CoinMarketCap data shows that Dogecoin currently sits at around $0.1334, showing that it has lost around 1% in the previous 24 hours before writing.
Dogecoin data
However, in the weekly timeframe, we have a healthy 7% increase, which shows that Dogecoin is healthy overall.
Furthermore, it also shows that the next resistance to watch on Dogecoin's chart is the $0.15 zone, which might be somewhat challenging for the memecoin.
Crypto and forex analyst RLinda, however, took the time to identify crucial price levels for Dogecoin in a recent post on TradingView.
For example, RLinda says that the market bottom for Dogecoin is around $0.10 and $0.05.
She says this is based on the accumulation trend among investors around this zone.
The cryptocurrency's retest of the $0.106 zone also shows that the bulls are struggling to maintain control and that Dogecoin should be able to maintain a medium-term outlook.
The Dogecoin outlook
RLinda says that the $0.1437 zone is a significant price resistance, which DOGE is currently approaching as it breaks through the wedge pattern illustrated above.
If we see a sustained breakout pattern on the memecoin, Dogecoin could get propelled towards its next all-time high.
Analyst Altcoin Sherpa also supports this view in a recent tweet based on the Fibonacci retracement levels on Dogecoin.
Sherpa agrees with RLinda that the $0.1 price level might be the bottom for Dogecoin.
However, we might also see a pullback and consolidation, followed by a few more weeks of "chop" and then a "stronger move up again."
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.