• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Dogecoin Analysis: Can the Cryptocurrency Hold Its Ground?

user avatar

by Giorgi Kostiuk

a year ago


Dogecoin is facing a critical moment as its price hovers around $0.33. This level is seen as significant support, and analysts are pondering potential scenarios.

Current Situation with Dogecoin

Dogecoin is at an important stage where buyers and sellers are battling for a key price level. After briefly dropping below $0.27 in December, its price quickly rebounded, forming a structure described by analyst Trader Tardigrade as a 'selling climax'. This technical pattern is often observed before a bullish reversal, indicating an exhaustion of sellers and a gradual return of buying pressure.

'Selling climax' indicates an exhaustion of sellers, allowing for the return of buying pressure.Trader Tardigrade

Whale Accumulation: A Signal for Growth?

The interest of whales, large holders of Dogecoin, is a key market evolution indicator. According to on-chain analysis data from Santiment, wallets holding between 10 and 100 million DOGE have accumulated over 470 million tokens in just 48 hours. This purchasing wave increased their total holdings to 22.56 billion DOGE, a high for the last 30 days. This strategy may indicate anticipation of a bullish movement, and analysts believe it reinforces the probability of a reversal.

Importance of Upcoming Days for Dogecoin

The coming days are crucial for Dogecoin. If the support around $0.315 withstands selling pressure, it could serve as a springboard for a bullish recovery. The current momentum may encourage a return of confidence to the market, but the crypto sector remains unpredictable. A breach of this key level could lead to a more pronounced correction.

Dogecoin's position at a key support line draws investors' attention as they anticipate a potential reversal. Whales' token accumulation also points towards a possible price increase. In the upcoming days, monitoring technical indicators and major investors' behavior will be vital to confirm or disprove the reversal hypothesis.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Integration of DeFi and Creative Ecosystems Highlighted by Coinbase CEO

chest

Brian Armstrong, CEO of Coinbase, discusses the integration of DeFi with creative ecosystems, emphasizing social dynamics and revenue sharing.

user avatarLucas Weissmann

Kim Byungkee Under Investigation for Alleged Conflicts of Interest

chest

Kim Byungkee, the floor leader of South Korea's ruling Democratic Party, is under investigation for alleged conflicts of interest related to his son's internship at Bithumb, raising concerns about favoritism in the crypto industry.

user avatarFilippo Romano

Altcoin-Focused Treasuries at Greater Risk

chest

Treasuries focused on altcoins are at higher risk during market downturns compared to those focused on major cryptocurrencies.

user avatarKaterina Papadopoulou

Single-Asset Strategies Lose Their Edge

chest

Companies focused solely on holding Bitcoin or a single digital asset are struggling to maintain sustainability in the current market.

user avatarEmily Carter

Digital Asset Treasury Companies Face Market Volatility

chest

Digital asset treasury companies are facing significant challenges due to market volatility and competition, which may lead to potential exits from the industry.

user avatarMaya Lundqvist

The US Leads the World in Fiat-to-Crypto Buying

chest

The United States leads the global fiat-to-crypto market with a total volume of approximately $24 trillion, significantly surpassing other markets.

user avatarTomas Novak

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.