DOGE large order book data reveals rising demand from the whale cohort.
Dogecoin (DOGE) price just began peaked above the key supports level at which the coin had extended its retracement for the second consecutive week.
The meme coin might be about to pivot once more, because this latest pullback yielded a retest of its short-term ascending trend line.
Dogecoin price has been trading within a narrow support and resistance range over the last few months.
The king of the meme coins kicked off September on a bullish leg, but it has been trading in an overall downtrend in the last 2 weeks.
DOGE price embarked on its 2-week retracement after previously retesting a resistance line that has been active since March, as observed in recent Dogecoin news.
In Its more recent pullback also retested a short-term support that has been active since June.
The support retest suggests that Dogecoin price was likely to bounce back from there.
However, that depends on whether the bulls will make a strong comeback near the support level. Failure to that, price could capitulate and break out of the current range.
Whale activity around Dogecoin revealed some interesting observations. For example, large order book data revealed that whales acquired more than $13 million worth of DOGE on Binance spot.
They also executed over $9 million worth of net spot buys on OKX. Meanwhile, whales also executed about $16 million worth of net longs on the Binance perpetual market.
OKX still had over $48 million worth of short positions. Although the whale order book data leaned in favor of the bulls, it was still too early to determine if the bubbling demand would be enough for a pivot.
Furthermore, markets were subject to change and recent market outcomes revealed heavy bias towards the downside.
Nevertheless, the sell pressure appeared to be cooling down. Dogecoin spot outflows were mostly dominant since mid-September but spot outflows cooled down substantially this week.
DOGE spot flows also revealed that demand did not make an immediate comeback. Perhaps likely because the market was leaning more towards caution and waiting for clear signs that the pullback is over.
There is no doubt that excitement has been brewing around Dogecoin ETF prospects. The meme coin made history a few days ago when it became the first meme coin to receive an ETF approval.
Preliminary Dogecoin news reports revealed that about $26 million worth of liquidity flowed into the Dogecoin ETF.
This was roughly 1 week after its launch, which confirmed the presence of healthy demand despite the market switching to a bearish mood.
The Dogecoin ETF performance suggests that the meme coin may continue to experience a demand surge in the coming days, especially if the market enters recovery mode.
More Dogecoins are expected to enter the fold in the next few weeks or months, and this could potentially boost spot demand.
Market expectations remained high as the last quarter of the year drew near. This particularly applied to altcoins with high ETF prospects, especially with altcoin liquidity rotation expected to kick into higher gear.
In more Dogecoin news, one particular analyst predicted that DOGE price could potentially achieve an 800% rally and top out above $1.30 in its next price move.
This suggests that Dogecoin could potentially push past its previous all-time high, a possible outcome but one that would require healthy liquidity conditions and strong demand.
The current stage of the market cycle may offer that criterion for Dogecoin since rate cuts were recently confirmed, alongside ETF approvals.
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