- Dogecoin surged by 5% after hitting support at $0.1183.
- Whale activity and social volume coincided with recent volatility.
As a seasoned crypto investor with a few battle scars from past market fluctuations, I’ve learned to keep a cautious yet optimistic eye on Dogecoin [DOGE]. After observing its recent price action, I believe that DOGE has shown remarkable resilience amidst the market volatility.
Dogecoin [DOGE] has experienced outstanding strength in the face of recent market volatility.
After experiencing a 5% decrease over the previous 24 hours, Dogecoin reached a crucial support point. Subsequently, there was a further decline of 5% in its price, which has piqued the interest of investors. This price fluctuation is worth noting.
As of now, I observe DOGE undergoing a significant test at the critical support point of $0.1183. Both bulls and bears are engaged in an intense struggle at this pivotal position. A potential breach beneath this level could lead to further downward price pressure.
However, if the bulls win the battle, we could see a reversal and a potential upward surge.
From my research as of now, Dogecoin is currently priced at around $0.1233 according to CoinMarketCap’s data. The cryptocurrency’s market capitalization has experienced a growth of approximately 4.91% within the past 24 hours, reaching a value of about 17.86 billion. Additionally, there has been a significant increase in Dogecoin’s trading volume, which now stands at around $863 million – an uptick of around 10.54%.
This gives more bullish market insights.
Based on the stochastic RSI reading of 12.74 on the graphs, the asset appeared to be oversold. This signified a potential turning point where buyers might enter the market and cause a price increase.
Additionally, the MACD underlined fading bearish pressure across the market, too.
Whale activity, social volume spike
Santiment’s social volume and whale activity data were examined by AMBCrypto for insights into the cryptocurrency market trend. An intriguing connection was uncovered in their analysis.
Several instances of heightened trading volume and whale involvement occurred concurrently with the current market’s price fluctuations. This observation suggests that significant investors could be shaping market opinion and driving price trends.
The Coinglass liquidation heatmap depicted market stress, evident in concentrated clusters of forced liquidations near significant price points. This implies that investors were unexpectedly caught off-guard by swift price fluctuations.
This volatility may lead to additional liquidation in both market directions.
What’s next for Dogecoin?
If the price of Dogecoin stays above the $0.1183 mark of resistance, it could potentially lead to more price increases in the future.
If a break beneath this resistance level could trigger a strong downward trend toward possible lower support areas.
Read More
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SAGA PREDICTION. SAGA cryptocurrency
- BLOCX PREDICTION. BLOCX cryptocurrency
- XLM vs. XRP: Which One is Better, Stellar Lumens or Ripple?
- Top gainers and losers
- EUR BRL PREDICTION
- SEILOR PREDICTION. SEILOR cryptocurrency
2024-06-26 04:07