Recently, investors have decided to withdraw their appeal in the legal case against Elon Musk for alleged manipulation of the Dogecoin price. The original lawsuit alleged that Musk's actions and public statements, especially through his popular tweets, artificially inflated the value of the cryptocurrency. This case, which had captured global attention for the tycoon's influence on the cryptocurrency markets, has reached its formal conclusion, marking the end of a legal battle that sparked intense debates.

Technical Analysis: Indicators
1. Momentum Indicators
- RSI (Relative Strength Index): The 1-hour chart shows that DOGE's RSI is approaching overbought territory. This indicates that a slight pullback is possible in the short term, as buying pressure may be peaking, opening the door to a potential correction.
- Exponential Moving Averages (EMA 20 and 50): The EMAs continue to show an upward trend, as the EMA 20 is above the EMA 50. This suggests that, despite a possible pullback, the overall trend remains positive. A pullback to the EMA 20 could provide an opportunity to consolidate the upward trend without breaking momentum.

Dogecoin whales accumulated more than 300M DOGE amid a bullish market, indicating that the meme coin's price could hit $0.4 ahead.
Dogecoin Whales Accumulation Rises Sparking Market Optimedia.
According to the data revealed by blockchain tracking platform Whale Alert on November 11, Dogecoin whales sacked 311 million coins from crypto exchanges over the past day. Per the data, the whale address DGm..dUB withdrew 200 million coins, worth $56.38 million, from the crypto exchange Binance. Further, the whale address DGG..X5S bagged 111 million coins, worth $30 million, from the crypto trading division of Robinhood. Overall, these massive accumulations, underscoring increased market confidence in the asset, set off bullish sentiments for the token across the broader industry.

Simultaneously, on-chain data by the tracker also revealed that a dormant DOGE whale woke up after roughly 11 years of dormancy, adding to the intrigue surrounding the asset’s performance. However, it’s also noteworthy that whale data spotlighted considerable whale dumps for the same token today. Notably, on-chain data flagged 98 million coins dumped to Binance & Robinhood via a series of two whale transactions recently, which also rationalizes why Dogecoin price fell sharply for a brief moment today.

Can Doge Price Hit $0.4?
Nevertheless, the massive accumulations have undermined the dumps, fueling an optimistic market sentiment for the meme coin among investors. At the time of reporting, DOGE price traded at $0.2793, up nearly 21% over the past day. The token’s 24-hour low and high were $0.2288 and $0.3011, respectively. The crypto’s rising price action aligns with the significant buying pressure brought by the Dogecoin whale accumulations mentioned above.
Moreover, the dog-themed meme coin’s intraday trading volume soared 222% to $18.60 billion, underlining increased trader interest in the asset. Coupled with the massive accumulations mentioned above, this stat projects a bullish outlook for the meme coin. Also, the weekly chart underscored 84% gains for the crypto, flagging a bull run.

Simultaneously, a recent Dogecoin price analysis by CoinGape Media indicates that wallets holding between 100 million and 1 billion coins have significantly increased their accumulation. This data further flags increased market confidence in the asset. Moreover, the analysis draws attention toward a cup and handle pattern on the price chart, accounting for a 53% potential surge ahead. This could aid the token in hitting the much-awaited $0.4 price level, aligning with the increased buying pressure in the market.

Disclamation: Recommendations, suggestions, views given by the crypto experts. It’s not financial advice. You must do your own research before investing crypto markets. Crypto Wolf is always trying to share valuable news for trading, staking, investing after our own research. Information source trading view, Coin market cap and online media.
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