- Ah, the relentless march of DOGE, as it tumbles downwards, shattering yet another support level, while the specter of market-wide fear looms over the investors like a dark cloud.
- Could this be the quintessential moment of “buy-the-fear, sell-the-greed,” or merely a mirage in the desert of despair?
In a shocking turn of events, the memecoin market has plummeted by 8.15%, erasing a staggering $4 billion in value within a mere 24 hours. Such is the fate of those who dare to tread in the volatile waters of cryptocurrency.
Dogecoin [DOGE], once the proud leader of this chaotic realm, has relinquished its crucial $0.20 support, now down by 8.57%. Analysts, with their crystal balls, are now fixated on $0.16 as the next potential lifeline.
Amidst this sell-off frenzy, the great whales of the sea are not deterred; they are voraciously accumulating, driving trading volume up by an astonishing 115.68% to $2 billion. Could it be that DOGE is destined to find a solid ground here, or is it merely a fleeting hope?
Big money moves
After reaching a dizzying height of $0.48 post-election, DOGE has now succumbed to three consecutive lower lows, each masquerading as support before crumbling into the abyss.
This descent has been orchestrated by the heavy hands of whale sell-offs, dragging major holdings down to depths not seen in three to four months.
Curiously, despite the largest whales hoarding 1.7 billion DOGE in the last 72 hours, the price remains as weak as a kitten. Instead of finding stability, DOGE has further plunged by another 3%. Oh, the irony!
Even more revealing, these same whales have now cast off over 1 billion DOGE coins, reducing their once-mighty holdings from nearly 73 billion to a mere 71.5 billion. This coincides with DOGE’s 8.15% drop to $0.17. What a spectacle!
Unlike the previous bull runs, where the whales’ consistent accumulation provided a semblance of market support, their behavior has been as erratic as a cat on a hot tin roof since mid-January, with large holders now leaning towards distribution.
Without a clear resurgence of sustained whale accumulation, the prospect of recovering above $0.20 remains as uncertain as a politician’s promise.
Short-term DOGE forecast
As the crypto market erases a staggering $200 billion in just 24 hours, high-cap assets are feeling the heat, trading well below their key support zones. The pressure is palpable!
However, DOGE is exhibiting a curious divergence, with a 115% surge in trading volume, signaling a flicker of heightened interest.
This spike hints at a potential holding pattern, a setup often preceding breakout rallies “if” momentum can muster the strength to sustain itself. But can it hold? The suspense is killing me!
Active addresses soared fourfold to 412,319 before plummeting back to 114,960, reflecting a disheartening decline in retail participation.
Coupled with the waning whale support and the ever-volatile market, Dogecoin now faces an elevated risk profile. What a rollercoaster ride!
While volume indicators tease us with a “buy-the-fear, sell-the-greed” dynamic, flipping $0.16 into a solid support remains a Herculean challenge, especially if the broader market sentiment continues to wallow in bearishness.
With weak whale support and dwindling retail participation, Dogecoin teeters on the brink of further downside. What a
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2025-03-10 15:08