Elon Musk Chose This Altcoin: Whales Attack The Coin!


Elon Musk triggered a new buying spree with photos of Shiba Inu dogs he shared on Twitter. This time, whales rather than individual investors are more concerned.

Elon Musk’s Christmas message moves whales

Twitter CEO included images of Shiba Inu dogs in his Christmas greeting message shared on the night of December 25. The tweet quickly gained traction, and on-chain data reveals massive whale transactions that coincided with this time.

Musk’s tweet has been viewed 34 million times so far. It also garnered 22,000 retweets and 368k likes. Data provided by WhaleStats shows that after the post, whales gathered around a meme coin yesterday and today.

Whales started accumulating this meme coin after Elon Musk tweet

Whale-watching bot WhaleStats shows that the top 100 Binance whales have bought the most Dogecoins in the last 48 hours. The largest memecoin by market capitalization, thus surpassing its rival Filecoin. The intense whale interest comes shortly after Musk’s December 25 posts. Technical analysis shows that Dogecoin is preparing to break a critical resistance meanwhile.

How is the Dogecoin price?

Despite the interest of BSC whales, the DOGE price has been falling for the past 24 hours. Technically speaking, it continues to trend above a descending parallel channel it started on Dec 24. The upper bounds of the parallel channel acted as resistance several times in December, with the strongest move to date down 21%. As seen in the chart below, DOGE will attempt to break this channel during the day.

However, a second attempt to break $0.069 will accelerate the next bearish rally. Therefore, the decline thesis may be invalid. However, the bulls will need to recapture the 50-day simple moving average at $0.08 to do so. If the bulls are successful, DOGE price will head towards the midpoint of the December downtrend, at $0.095, according to analyst Tony Montpeirous. This means a 25% increase from the current Dogecoin price.

In summary, the price of Dogecoin has been in a downtrend since the first week of December. Prices have reached an important support area in recent days. Then he managed to rise even higher. But that wasn’t enough to reverse the selling pressure that DOGE has witnessed in recent weeks. Similarly, Bitcoin is showing signs of weakness meanwhile. He spent just under $17,000 during the month. cryptocoin.comAs we have reported, some analysts expect the Musk effect to continue in 2023.


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