Dogecoin Price Overview: The popular meme currency Dogecoin, ranked second largest, has experienced a downward correction for approximately two years, causing its price to plummet from $0.228 to $0.17 – resulting in a significant loss of 28.35%. With the overall crypto market correction underway, Dogecoin’s daily charts show signs of a lower high formation, suggesting an early warning that the market may be transitioning from purchasing dips to selling rallies. Could there be potential for buyers to stage a comeback?
Will Dogecoin Price Reclaim $0.2?
The overall mid-term perspective for Dogecoin is optimistic, following an uptrend that provides a strong base for potential bullish recovery. After the market downturn, Dogecoin’s value dropped to $0.173. However, it remains above significant support levels including the ascending trendline, the 38.2% Fibonacci retracement point, and the 50-day EMA line.
At this point in the market, where three areas of strong support intersect, there is high buyer activity. This could halt a longer-term downtrend and even trigger a rally towards $0.2 resistance, with potential for further growth up to $0.229.
When these areas of support intersect, it generates significant appeal for potential buyers, helping to curb extended price drops. Maintaining this support level can boost the DOGE price back up and test the resistance levels at $0.2 and then $0.229.
Massive DOGE Transfer to Robinhood Could Signal Downward Shift
A recent tweet from Whale Alert reported a large Dogecoin transfer of approximately 74 million DOGE, equivalent to over $12.5 million, from an unknown source to Robinhood. This significant transaction occurring during market compression suggests that the Dogecoin price may continue to decrease.
74,024,901 #DOGE (12,583,531 USD) transferred from unknown wallet to #Robinhood
— Whale Alert (@whale_alert) April 13, 2024
If we go below the mentioned trendline, the pressure on the supply side could increase significantly, potentially causing the asset’s price to drop down to $0.122.
Technical Indicator
- Relative Strength Index: The daily RSI slope below 47% reflects a neutral to bearish sentiment among market participants.
- Exponential Moving Average: The memecoin price trading above daily EMAs(50, 100, and 200) the broader trend remains bullish.
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2024-04-13 16:57