Bitcoin News Today: Dogecoin Sees $480M Whale Moves Amid Key Liquidity Clusters

Large-scale investors, or "whales," have moved 2 billion Dogecoin (DOGE), valued at approximately $480 million, in recent trading sessions, according to data from CoinGlass. This significant accumulation is supported by an additional $32 million in buying pressure from spot market participants, bringing total inflows to just over $500 million in the past week [1]. The sustained buying activity points to potential for a major price movement in the near future.

Despite this influx of capital, DOGE has struggled to regain previous price levels. Over the past month, the asset rose 27% but remains below prior highs. Between May 10 and June 22, DOGE fell 39%, underperforming Bitcoin (BTC) and Binance Coin (BNB), which dropped by 3.72% and 7.06%, respectively, during the same period. While all three assets eventually rebounded, DOGE returned to break-even, whereas BTC and BNB posted stronger gains [1].

The divergence in performance suggests that DOGE is beginning to decouple from the broader crypto market's upward momentum. Chart analysis shows DOGE trading within two key liquidity clusters. The upper cluster could act as a resistance level, potentially triggering a sell-off if tested, while the lower cluster could serve as support, potentially pushing prices higher [1]. These clusters indicate a two-way scenario for the asset.

Liquidity outflows have also played a role in DOGE’s underperformance. While investors have sold DOGE holdings, liquidity has instead flowed into BTC and BNB, reinforcing their recent all-time highs [1]. This trend suggests a low probability of a short-term DOGE rally, even with whale accumulation and spot buying.

Currently, DOGE remains constrained within these liquidity zones. While the broader market shows bullish momentum and whale buying appears to be building, a move into the upper liquidity cluster could trigger significant selling pressure before a meaningful breakout occurs [1]. A sustained upward move is possible, but traders should remain cautious as large-scale selling could emerge before a clear direction emerges.

Source: [1] Dogecoin eyes breakout as $480M whale moves hint at... (https://ambcrypto.com/dogecoin-eyes-breakout-as-480m-whale-moves-hint-at/)