- Dogecoin has experienced a 14.98% decline in the last seven days.
- Despite the price decline, Doge enjoys low liquidation rates and increased whale activity
As a researcher with experience in analyzing cryptocurrency markets, I’ve been closely monitoring Dogecoin (DOGE) over the past few days. The data shows that DOGE has experienced a significant decline in price, with a 14.98% decrease over the last seven days and a 7.46% drop in the last 30 days.
Dogecoin’s value has taken a significant dip over the past month. Specifically, there has been a 14.98% decrease in its price within the last 30 days, with an additional 7.46% drop observed during the previous week.
DOGE was trading at $0.1342, a 1% reduction in the last 24 hours, according to CoinMarketCap.
Based on AMBCrypto’s assessment, the value of Dogecoin (DOGE) is predicted to level off near $0.123. In the immediate future, DOGE’s price fluctuations are expected to remain between $0.12 and $0.15.
However, analysis indicates it’s likely to hit $0.17 to $0.2 in a bullish long-run scenario.
With increased selling pressure, DOGE may approach the $0.12 support. If market actions persist, DOGE could surpass the $0.169 resistance barrier.
Moving forward, the RSI reading of 36 suggests a potential bullish turn in the market. The indicator points to a possible reversal if the market stabilizes and the RSI value increases, even amidst the current bearish condition. A shift in trend towards bullishness is a plausible scenario.
Similarly, according to CoinGlass data, there were low trading volumes in the past week. On June 15th, DOGE had minimal liquidation amounts for both short and long positions, with $61.6k for shorts and $139.2k for longs.
At present, short positions amount to approximately $105,700, whereas long positions stand at around $1,070,000. The market seems to be consolidating with these positions, indicating a period of stabilization at the current rates.
Short-position investors currently hold an advantageous position, leading to heightened accumulation for them as well as long-position investors. Consequently, a bullish outlook prevails for future prices.
According to Santiment’s analysis, whales holding more than $5 million have been progressively adding to their wealth. As of the present moment, approximately 52% of the total assets belong to these affluent whales.
The accumulation by whales and reduced liquidation implies positive market sentiment.
DOGE market sentiment
Over the last week, the value of Dogecoin has been on a downward trend. Yet, despite this decline, large investors, or “whales,” have been actively buying up more than $5 million worth of DOGE, indicating optimism among them. Simultaneously, there has been a noticeable decrease in liquidation, further suggesting that investors are holding onto their positions rather than selling off.
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Should a pessimistic outlook towards the market continue, DOGE may encounter its nearby modest resistance at approximately $0.12.
As a crypto investor, if the selling pressure continues to mount, I believe we’ll see a market reversal and a breakout below the resistance level of approximately $0.169.
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2024-06-18 10:15