Dogecoin whales are finally waking up, as IntoTheBlock’s indicators suggest. With the return of buying power on the market, DOGE might receive a necessary boost.The first chart shows DOGE/USDT on the daily time frame. DOGE is trading at around $0.1492, displaying a relatively stable consolidation pattern. The price is currently at several key moving averages:50-day EMA: This is currently acting as a resistance level around $0.1652. A breakout above this level could signal the beginning of a bull market.100-day EMA: This line is providing support around $0.1434, suggesting that DOGE has a cushion against further declines.200-day EMA: At $0.1237, this serves as a significant long-term support level.The volume profile does show some activity but not significant activity. The RSI is at 46, suggesting that DOGE is in a neutral zone, neither overbought nor oversold, which provides room for potential price movement in either direction.Charts from IntoTheBlock provide some additional insights. Over the past month, there has been a notable increase in the number of large transactions, peaking at 1.86K transactions on May 14, 2024. This surge in large transactions indicates heightened activity from large holders or institutional investors.RelatedOptimism-based DeFi Protocol Loses $20 Million in Major AttackThe volume of these large transactions also saw a significant spike, reaching 11.55 billion DOGE on the same day. This increase in large transaction volume suggests substantial movement of DOGE tokens, likely reflecting strategic positioning by whales.Bullish scenario: If the increased whale activity leads to substantial buying pressure, DOGE could break above the 50-day EMA at $0.1652, targeting higher resistance levels around $0.18 and $0.20.Bearish scenario: Conversely, if the whales are offloading their holdings, DOGE could face selling pressure, leading to a test of support levels at $0.1434 (100-day EMA) and $0.1237 (200-day EMA).