As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I find myself intrigued by the recent developments surrounding Dogecoin (DOGE). With a staggering $1.09 billion in large transaction volume, it’s clear that institutional players are showing renewed interest in this meme-inspired coin. However, the current bearish market trend, triggered by potential U.S. government cryptocurrency sales, has put a damper on DOGE’s price action.
Dogecoin (DOGE), the leading digital currency based on a dog theme, is currently experiencing a significant surge in large-scale transactions worth approximately $1.09 billion.
Based on IntoTheBlock’s analysis, Large Transaction Volume refers to the overall value of transactions made by large-scale investors (whales and institutions) during a specific day. A surge in Large Transaction Volume suggests heightened activity from these institutional investors, potentially signifying either accumulation through purchasing or disposal through selling.
Over the past day, a significant amount of $1.09 billion worth of transactions involving Dogecoin have been recorded, which is equal to approximately 8.61 billion units of Dogecoin when measured in digital currency terms.
During Tuesday’s trading, Bitcoin dipped close to $65,000, as investors considered the possibility that the U.S. government might sell part of its substantial bitcoin reserves. The U.S. Treasury has amassed billions in cryptocurrency due to crackdowns on marketplaces like Silk Road on the dark web.
Dogecoin was not exempted from the bearish market trend as it traded in red at press time.
DOGE price action
Following a run of four straight drops, Dogecoin showed a rebound earlier today, finding resistance at the 50-day Simple Moving Average (SMA) of $0.123. This potential recovery suggests that the buyers could be trying to change this point into a new level of support.
At the point of this writing, it appears that Dogecoin’s value continues to decline as the efforts by the bulls to counteract the bears have yet to materialize. Currently, Dogecoin is experiencing a drop of 3.16% over the past 24 hours, and has declined by 5.42% over the last week, settling at approximately $0.125.
As a researcher examining the Dogecoin market dynamics, I hypothesize that if bulls manage to transform the Daily Simple Moving Average 50 (SMA 50) into a support level, we might observe a rebound in Dogecoin’s price. This potential relief rally could aim at the Daily SMA 200, currently positioned at $0.134. If this sustained breach occurs, aggressive buyers may strive to escalate the price above $0.14, initiating an uptrend that could eventually propel Dogecoin’s price towards $0.18.
It’s possible that those who hold a bearish view on Dogecoin may be planning something. Their strategy might involve pushing the price downwards, potentially below the solid support level of $0.12. If they are successful, this could trigger more selling, causing Dogecoin’s value to drop to around $0.10.
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2024-07-31 14:03