As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I’ve learned to read between the lines of market data and sentiment indicators. The recent whale activity on Dogecoin is intriguing, but the 33% decrease in large transaction volumes within a day is a cause for concern. However, it’s important to remember that the crypto market is as unpredictable as a rollercoaster ride at an amusement park.
Based on figures from the on-chain analysis tool, IntoTheBlock, it appears that Dogecoin has seen a significant movement of about 7.72 billion Dogecoins, which often signals the involvement of large investors or “whales.
In the last 24 hours, a massive 7,720,000,000 Dogecoins were traded, which equates to approximately $1.23 billion. However, it’s important to note that this figure represents a 33.39% decrease compared to the previous time frame.
In simpler terms, the value of Dogecoin has been decreasing over the past day, experiencing substantial drops. Currently, one Dogecoin is worth approximately $0.152, representing a 5.03% drop compared to its value at the start of the day. The market overall has seen a downturn, leading to this sell-off.
In simpler terms, Bitcoin (BTC) dropped approximately 2% over the past 24 hours because of continuous selling to secure profits that extended into the weekend. This broader market sell-off led to a total liquidation of over $235 million in bets. Out of this, around $194.77 million were long liquidations, meaning they were bets on higher prices. Notably, Dogecoin saw about $8.59 million worth of these long liquidations.
Similarly, the popular Fear and Greed Index, which monitors sentiment and volatility within the cryptocurrency market, is indicating “greed” at present. This suggests that prices might drop further.
As a market analyst, I strive to evaluate and measure the emotional currents within the crypto market, as these sentiments can provide valuable insights. For instance, when the collective fear reaches its peak, it might signal opportune moments for investment. Conversely, excessive greed could be a warning sign of an upcoming market correction.
What’s next for Dogecoin price?
On October 29th, Dogecoin falling short of breaking the $0.18 barrier led short-term investors to cash out their earnings. Subsequently, Dogecoin recorded a loss on four out of five days since then.
Regardless of some profit-taking, Dogecoin has increased by 11% over the past week. Presently, Dogecoin is having a tough time maintaining its position above $0.15. A resilient recovery beyond $0.15 could signal that buyers have turned this level into a support point. Buyers may try to drive Dogecoin past $0.18 again. If they succeed, Dogecoin might reach as high as $0.21.
If the DOGE price drops below $0.14 in the near future, the positive projection could be disproven. The 50-day Simple Moving Average (SMA) around $0.12 may serve as the potential support level if the price decreases further.
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2024-11-03 16:01