As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I’ve learned to navigate through the turbulent waters of price fluctuations with a mix of patience and pragmatism. The recent plunge in Dogecoin (DOGE) has left me slightly concerned but not entirely surprised.
In more casual terms, after briefly surging to $0.12 per token last week, the value of Dogecoin (DOGE), the digital currency inspired by an internet meme, has dropped noticeably.
In the midst of this recent downturn in cryptocurrency prices, I’ve been closely following the insights of well-respected analyst Ali. He’s pinpointed significant price points that urgently require a recovery, as failing to do so could potentially lead to unfavorable outcomes.
Dogecoin: Reclaim $0.11 Or What?
On the popular social media site X belonging to Elon Musk, Ali recently pointed out the significance of the $0.11 value for Dogecoin. He mentioned that roughly 60,210 different accounts had acquired approximately 36.40 billion DOGE tokens at this price point.
He explained that these addresses represent significant support, and if the price remains below $0.11, holders might become increasingly inclined to sell their assets to mitigate potential losses. This selling pressure could accelerate DOGE’s downward trend.
60,210 addresses collectively purchased approximately 36.4 billion Dogecoins at around $0.11 each! Keep an eye on #Dogecoin – it needs to regain this level quickly to maintain a bullish trend. If it doesn’t, there could be a potential sell-off as investors might look to limit their losses.
— Ali (@ali_charts) October 3, 2024
DOGE’s Ongoing Decline: Beginning Of Another Bearish Trend?
To date, Dogecoin’s performance has been on a slide, shedding a considerable chunk of its gains following the recent surge. Over the last seven days, DOGE has experienced a dip of approximately 10.8%. This decline persists into the present day, with the asset losing 4.2% of its value in the past 24 hours. At present, it is trading at around $0.1019.
The recent price drop has significantly affected Dogecoin’s market capitalization, causing it to decline from approximately $17 billion on last Thursday to around $14.9 billion as of today. Additionally, the 24-hour trading volume for Dogecoin has also noticeably decreased, falling from about $1.4 billion last Thursday to slightly over $1 billion currently.
Despite the crypto market’s current downturn causing worry among many participants, analysts persist in sharing their positive forecasts and maintaining an optimistic stance.
In a recent post on X, well-known crypto analyst Trader Tardigrade proposed that the current drop in Dogecoin’s value could represent a “recheck” or retest of its downward trending line, after an earlier breakout.
As per Tardigrade’s analysis, the Relative Strength Index (RSI) of Dogecoin, indicating the size of recent price fluctuations, has reached a new low, but the overall trend of Dogecoin’s price remains higher than its previous low points.
Based on technical analysis findings, this divergence might signal a potential shift towards a bullish trend. Tardigrade encourages readers to familiarize themselves with this method so they can stay confident during market fluctuations.
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2024-10-04 05:48