Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Due to a notable increase in large transactions, Dogecoin has drawn interest from traders and investors. On-chain data indicates that there were 1,600 large transactions over the course of the last 24 hours, totaling 11.12 billion DOGE in volume. This is a significant rise over the seven-day low of 8.25 billion DOGE, suggesting that big investors, or whales, are becoming more interested.

This increase in activity indicates a greater emphasis on Dogecoin and could portend a reversal soon. The volume of big transactions might indicate that whales are building up DOGE or getting ready for big movements. A price change could result from a surge of this size, which usually draws more traders. 

However, after peaking at about $0.15, Dogecoin is currently undergoing a minor retracement, according to the price chart. The asset is currently holding above critical levels, but it is crucial to keep a careful eye on the support zones.

It is important to keep an eye on three important levels: $0.123, $0.118 and $0.111. It might stop additional price declines and lay the groundwork for a bullish recovery if DOGE can keep support above these levels. The asset might lose momentum and a more substantial correction might occur, however, if the current trend were to wane and DOGE dropped below these levels. 

Dogecoin must surpass the $0.15 level, which would indicate a more robust bullish reversal in order to exit its current range. The range between $0 and $20 may be the next significant resistance above that.