Bitcoin and altcoin traders set their sight on new all-time highs now that BTC price is back above $63,000.
Crypto analyst Timeless Crypto has made a bullish case for FLOKI, stating why he prefers the meme coin above other blue chip meme coins like Dogecoin (DOGE). The analyst also predicted that FLOKI could end up making a hug run by year-end. Why This Analyst Is Bullish On Floki Timeless Crypto mentioned in an X […]
After a turbulent week for the crypto market, the drop in prices has left an opportunity for investors to enter new or double down on their various positions. Fortunately, the blockchain intelligence firm Santiment has identified some of the large-cap cryptocurrencies to consider. These Cryptocurrencies Are In The Opportunity Zone: Santiment Santiment revealed via a post on the X platform has provided an interesting outlook on the crypto market, stating that some digital assets are showing “buy the dip” opportunities. This is based on their Market Value to Realized Value (MVRV) ratios, which measure the average profit/loss of all coins in circulation according to the current price. An MVRV ratio value greater than 1 indicates that the investors of a coin are holding a net amount of profits at the time. On the other hand, when the value of the metric is less than 1, it means that most investors of the particular crypto are carrying losses. Meanwhile, an MVRV ratio of 1 means that the unrealized profit on a blockchain is equal to the unrealized profit. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins Typically, corrections are believed to be more likely when profits are high, as investors are more inclined to sell as their gains grow. On the flip side, crypto holders are likely to refrain from dumping assets when they are in the red, leading to the formation of price bottoms. This forms the rationale behind Santiment’s Opportunity and Danger Zone investment analysis. In its recent post on X, Santiment mentioned that all notable large-cap crypto assets (except Toncoin) are in the buying opportunity in the short term. As shown in the chart below, the 30-day Market Value to Realized Value ratio of these assets is deep in the negative, implying there is less risk attached to investing in them at the moment. According to Santiment’s data, Dogecoin (DOGE) — with an MVRV ratio of –19.7% — has the best “buy the dip” potential. It is followed by Uniswap’s governance token UNI, with a Market Value to Realized Value ratio of –16.3%. To round up the top three is Litecoin (LTC), which bears an MVRV ratio of –15%. Bitcoin, the largest cryptocurrency by market cap, is amongst the mentioned assets within the opportunity zone. Having undergone a steep correction in the past week, the MVRV indicator is signaling that the premier cryptocurrency might have bottomed out and could be preparing for a move to the upside. Crypto Market On A Downturn The crypto market suffered a massive decline over the past week, with the total market capitalization falling by nearly 8%. This market downturn seems even deeper on bigger timeframes. For instance, in the last 30 days, the digital market has shed more than 21.5% of its value. Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price? Featured image from Shutterstock, chart from TradingView
Dogecoin (DOGE) is getting battered by the recent crypto market downturn. The meme-based cryptocurrency took a significant hit this Thursday, dropping 14% in value in the last 24 hours. Related Reading: Worldcoin Sentiment Improves, But March Highs Remain A Distant Dream Long Positions Liquidated According to Coinglass, a crypto derivatives data platform, DOGE saw a whopping $4.8 million in long positions liquidated. This signifies that investors who bet on DOGE’s price increase got squeezed as the price went down. Conversely, short positions (bets on a price decrease) saw minimal liquidations at just $56,680. This liquidation event coincides with a major price drop for DOGE, pushing it to a three-month low. The price currently sits between $0.099 and $0.117, a crucial support zone identified by IntoTheBlock, a blockchain analytics firm. This zone represents a large number of wallets holding DOGE, and if it holds, the price could potentially rebound towards $0.142. Dogecoin Not Alone, But A Leader In Liquidations While DOGE is feeling the heat, it’s not the only cryptocurrency facing liquidation woes. The broader market correction resulted in over $321 million in total liquidations across various cryptocurrencies. LIQUIDATION DATA IN 24 HOURS TOTAL LIQUIDATIONS: UP TO $321.28M TOP 5 COINS WITH HIGHEST LIQUIDATION:$BTC ~ $91.51M $ETH ~ $71.90M$SOL ~ $12.84M $DOGE ~ $5.39M $WLD ~ $5.23M #Blockchain #DeFi #liquidation pic.twitter.com/e6Dv5uQbkn — PHOENIX – Crypto News & Analytics (@pnxgrp) July 4, 2024 Interestingly, DOGE takes the fourth spot for most significant liquidations, surpassing bigger players like Solana (SOL). Even younger meme coins like Dogwifhat (WIF) and Pepe (PEPE) haven’t been spared, experiencing significant liquidations as well. Dogecoin, despite its recent struggles, remains a significant player in the crypto market. It operates on the Litecoin blockchain, a well-established technology, and boasts of over $13 billion market capitalization. A Double-Edged Sword: No Spot Market Pressure, But High Bitcoin Correlation There’s a silver lining for DOGE. Unlike the derivatives market, the spot market (where actual buying and selling of crypto happens) doesn’t seem to be experiencing significant selling pressure. Data shows that DOGE buy orders are actually outpacing sell orders by nearly $1 million. Related Reading: Polkadot Under Fire: 20% Price Drop Follows $87 Million Spending Outrage However, DOGE’s fate seems intertwined with Bitcoin (BTC). They share a very high price correlation, meaning even minor sell-offs in Bitcoin can significantly impact DOGE’s price. Recent events like potential sell-offs from Mt. Gox, a defunct crypto exchange, and the German government selling confiscated Bitcoin, could indirectly affect DOGE’s price. Will DOGE Rebound? Meanwhile, Dogecoin’s technical indicators are leaning bearish. The price prediction of a 13% drop by August 4th aligns with the current sentiment. The Fear and Greed Index at 29 further reinforces this bearish outlook. Additionally, despite having a third of the last 30 days in positive territory, Dogecoin still experienced significant price volatility, which could indicate a continuation of the downtrend. Featured image from Unsplash, chart from TradingView
Dogecoin is stuck below the $0.1285 resistance zone against the US Dollar. DOGE is consolidating and might eye a fresh increase toward $0.1285 or even $0.1320. DOGE price is struggling to clear the $0.1285 resistance zone. The price is trading near the $0.1240 level and the 100-hourly simple moving average. There is a short-term bullish flag pattern forming with resistance at $0.1250 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.1250 and $0.1285 to gain bullish momentum. Dogecoin Price Faces Hurdles After a decent recovery wave, Dogecoin price remained below the $0.1285 resistance zone. DOGE formed a high near $0.1272 and recently started a downside correction like Bitcoin and Ethereum. There was a move below the $0.1250 support level. The price dipped below the 50% Fib retracement level of the upward move from the $0.1203 swing low to the $0.1272 high. However, the bulls are now active near the $0.1220 zone. Dogecoin is now trading near the $0.1250 level and the 100-hourly simple moving average. It is also above the 61.8% Fib retracement level of the upward move from the $0.1203 swing low to the $0.1272 high. If there is a fresh increase, the price might face resistance near the $0.1250 level. There is also a short-term bullish flag pattern forming with resistance at $0.1250 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.1285 level. A close above the $0.1285 resistance might send the price toward the $0.1320 resistance. Any more gains might send the price toward the $0.1350 level. The next major stop for the bulls might be $0.150. More Downsides In DOGE? If DOGE’s price fails to gain pace above the $0.1250 level, it could continue to move down. Initial support on the downside is near the $0.1230 level. The next major support is near the $0.1220 level. If there is a downside break below the $0.1220 support, the price could decline further. In the stated case, the price might decline toward the $0.1185 level. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1230, $0.1220 and $0.1185. Major Resistance Levels – $0.1250, $0.1285, and $0.1320.
Dogecoin (DOGE) could be on the brink of a major bullish reversal based on a technical indicator recently flashing a bullish signal for the meme coin. While highlighting the bullish signal, crypto analyst Ali Martinez also hinted at how high Dogecoin could rise when this reversal occurs. A Rebound For Dogecoin On The Horizon Martinez mentioned in an X (formerly Twitter) post that the TD Sequential is presenting a buy signal on Dogecoin’s 3-day chart, thereby “predicting a rebound of one to four candlesticks for DOGE.” Based on the chart he shared, Dogecoin could enjoy a reversal to around $0.17, the area in which it began its downtrend in early June. Related Reading: Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs A massive rebound for Dogecoin will undoubtedly be a welcome development for its holders, who have had to deal with the meme coin’s bearish outlook for some time now. Dogecoin failed to make any impressive rally, while other foremost meme coins rallied following Roaring Kitty’s return. Meanwhile, the meme coin took one of the worst hits following the recent avalanche that plagued the crypto market. Bitcoin led altcoins on a downward trend towards the end of June. However, with the flagship crypto reversing and back above $63,000, Dogecoin could also enjoy an impressive recovery from its current price level. Moreover, data from the market intelligence platform IntoTheBlock shows a strong positive correlation between Dogecoin’s price and Bitcoin’s. As such, Dogecoin could significantly move to the upside as the flagship crypto rebounds. Crypto analyst Kevin (formerly OG Yomi) also recently provided a bullish narrative for Dogecoin. He stated that his indicator had flashed a weekly buy signal for the first time since the meme coin was at $0.05. Additionally, Kevin noted that Dogecoin is about two green weekly candles away from confirming its first weekly golden cross in four years. He claimed that this is something to watch, suggesting that Dogecoin’s rally could be parabolic when this happens. DOGE Could Reach $0.6 On Next Leg Up Crypto analyst Javon Marks recently predicted that Dogecoin could reach $0.6 on its next leg up. He stated that the move towards the breakout target at $0.6533 “may be a matter of time, and prices could be preparing here for a break above.” The crypto analyst seemed confident as he again reaffirmed that a price rally of over 400% to reach this target might already be loading. Related Reading: SEC Serves Fresh Lawsuit To Metamask Developer Consensys – What’s The Problem This Time? Marks had previously predicted that Dogecoin would rise to as high as $17 in this bull run. He claimed that such a meteoric move was possible based on the meme coin’s historical trend. He noted that the foremost meme coin has always made a larger run in every subsequent bull run, meaning it could enjoy a rally that will overshadow its price move of 22,800% in the 2021 bull run. Featured image created with Dall.E, chart from Tradingview.com
In a technical analysis, noted crypto analyst Big Mike (@Michael_EWpro), has revealed a bullish forecast for Dogecoin (DOGE) that suggests the meme coin could surpass the $1 threshold in this bull cycle. The Dogecoin price prediction is rooted in the Elliott Wave theory, and is further reinforced by a robust set of technical indicators that underscore the coin’s strong upward potential. Dogecoin Could Peak Above $1 In 2025 The weekly chart (DOGE/USDT) highlights Dogecoin’s previous market performance, where it completed a 5-wave Elliott Wave pattern during the last significant bull run. This pattern saw the price of Dogecoin escalate to just above $0.70. Following this surge, the market entered a corrective phase characterized by a WXY pattern—a complex Elliott Wave correction structure that typically consists of three distinct price movements. This corrective phase marked a period of consolidation and retraction in Dogecoin’s price trajectory following its peak. Related Reading: Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Increase Since late 2023, according to Big Mike’s analysis, Dogecoin has embarked on a new 5-wave pattern. This nascent formation is anticipated to drive the Dogecoin price significantly higher than its previous highs. The first wave propelled the DOGE price to a peak just shy of $0.23. Following this, the second wave commenced, resulting in a retracement that pulled the price down to as low as $0.1140. The analysis indicates that Dogecoin is currently in the initial stages of the third wave of this Elliott Wave pattern. Traditionally, the third wave is the most dynamic and typically extends the furthest, especially within a strong bullish context. Notably, Big Mike highlights the existence of an ascending channel starting from the onset of wave 1 further corroborates the bullish sentiment maintained in this analysis. This channel maps out the potential pathway that Dogecoin might follow as it aims for new highs. The wave 3 could peak at the upper trendline of the channel, at around $0.60. Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% Wave 4 could potentially pull the Dogecoin price back to the lower boundary of the ascending channel, approximately around $0.25. This retracement would set the stage for Wave 5, the climactic phase of the Dogecoin bull run, which is projected to propel DOGE above the $1 mark, coinciding with the upper resistance line of the channel. The chart carefully marks critical Fibonacci extension levels which are drawn from the beginning to the peak of the last bull run. that are expected to play pivotal roles in determining future price points during this bull run. The first notable Fibonacci extension at 2.618 is positioned at approximately $0.14591, serving as an intermediate station within the bull cycle. The 3.618 extension at $0.68835 serves as an intermediary target for the final fifth wave. The Volume Profile Visible Range (VPVR) on the chart reveals that the current price zone has a high concentration of traded volume, suggesting it acts as a robust foundation for the current price level. The absence of significant volume above this area hints at minimal resistance, which could allow for an accelerated price climb once Dogecoin breaks above existing resistance levels. Technical indicators such as the weekly Stochastic RSI and the weekly Relative Strength Index (RSI) support an imminent bullish phase. The Stochastic RSI is in the oversold region, indicating potential for a price recovery. Meanwhile, the RSI’s upward trend with higher lows suggests growing bullish momentum. At press time, DOGE traded at $0.1247. Featured image created with DALL·E, chart from TradingView.com
In a chilling display of digital deception, a sophisticated deepfake scam featuring an uncanny likeness of Elon Musk recently duped thousands of cryptocurrency enthusiasts. Over the weekend, YouTube hosted a five-hour livestream where an AI-generated Musk announced a “revolutionary” Tesla event alongside a “generous cryptocurrency giveaway.” Related Reading: Bitcoin On Her List: Suriname’s Presidential Hopeful […]
The biggest winners in the recent bullish surge are new memecoins that have emerged over the past few months.
Dogecoin is down by 6.87% in the past 24 hours after a brief cooldown in bearishness. However, the downturn has given Dogecoin a hint of bullish reversal as it has entered a historically prominent buy zone. Interestingly, this is suggested by the MVRV ratio, which currently hints at a very bullish short-term bounce for DOGE. […]
Bitcoin has broken below the immediate support of $64,602, increasing the risk of a fall to the crucial $60,000 price level.
Dogecoin started another decline from the $0.1285 resistance zone against the US Dollar. DOGE is consolidating and might resume its decline below $0.1220. DOGE price is moving lower below the $0.1250 support zone. The price is trading below the $0.1250 level and the 100-hourly simple moving average. There is a key rising channel or a bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.1260 and $0.1285 to gain bullish momentum and start a fresh increase. Dogecoin Price Dips Again After a decent recovery wave, Dogecoin price faced resistance near the $0.1285 zone. DOGE failed to continue higher and started a fresh decline from the $0.1285 high like Bitcoin and Ethereum. There was a move below the $0.1250 support level and the 100-hourly simple moving average. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.1129 swing low to the $0.1285 high. However, the bulls are now active near the $0.1220 zone. Dogecoin is now trading below the $0.1250 level and the 100-hourly simple moving average. There is also a key rising channel or a bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair. If there is a fresh increase, the price might face resistance near the $0.1260 level. The next major resistance is near the $0.1285 level. A close above the $0.1285 resistance might send the price toward the $0.1350 resistance. Any more gains might send the price toward the $0.1420 level. The next major stop for the bulls might be $0.150. More Losses In DOGE? If DOGE’s price fails to gain pace above the $0.1285 level, it could continue to move down. Initial support on the downside is near the $0.1220 level. The next major support is near the $0.1185 level. If there is a downside break below the $0.1185 support, the price could decline further. In the stated case, the price might decline toward the $0.1120 level. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1220, $0.1185 and $0.1120. Major Resistance Levels – $0.1260, $0.1285, and $0.1320.
On-chain data shows the Dogecoin whales have been shaving off their holdings over the past year, a sign that could be bearish for the memecoin. Dogecoin Whales Have Notably Reduced Their Supply In The Last Year According to data from the market intelligence platform IntoTheBlock, DOGE whales have lost supply share to other holder groups […]
The Dogecoin price has taken an interesting turn in the last day, going against the bearish wave that has wracked the majority of the crypto market. Given that the meme coin is green at a time when the majority of the market is nursing losses, it has led to speculations as to what could be […]
The on-chain analytics firm Santiment has revealed that Dogecoin and Cardano are two assets that look “very bullish” according to this metric. Dogecoin & Cardano Currently Have Low 30-Day MVRV Ratios In a new post on X, Santiment has discussed about how some of the top assets in the cryptocurrency sector are looking like right now in terms of the Market Value to Realized Value (MVRV) Ratio. The MVRV Ratio is a popular on-chain indicator that keeps track of the ratio between the market cap and realized cap for any given coin. The market cap here naturally refers to the simple total valuation of the asset’s supply at the current price. The realized cap is also a method of calculating the valuation of the cryptocurrency, but the twist here is that this model doesn’t take the value of all tokens in circulation the same as the spot price. Rather, this model assumes that the “real” value of any coin is the same as the price at which it was last transferred on the blockchain. Related Reading: Hard To Be “Too Scared Of Bitcoin Price Action,” Says Analyst. Here’s Why Generally, the last transaction can be assumed to be the last point at which the coin changed hands, so the price at its time could be considered to be its current cost basis. As such, the realized cap basically calculates the sum of the cost basis of every coin in circulation. One way to view the model, therefore, is as a measure of the total amount of capital that the investors have used to purchase the total Bitcoin supply in circulation. Since the MVRV ratio compares the market cap, which represents the value that the investors are holding right now, against this initial investment, its value can tell us about the profit-loss status of the market as a whole. Now, here is the chart shared by the analytics firm that reveals the recent trend in the 30-day MVRV ratio of six top coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Toncoin (TON), and Cardano (ADA). The 30-day MVRV Ratio only includes the data for the investors who bought their coins within the past month. Thus, its value reflects the profit-loss balance of these new buyers. From the graph, it’s visible that the indicator is at negative levels for all of these assets right now, implying that the 30-day investors would be at a loss. This may not actually be bad, though, as Santiment notes, “the lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce.” At present, Bitcoin, Ethereum, and XRP are seeing small negative values, suggesting that these assets may be slightly undervalued. The metric stands at just -0.6% for Toncoin, though, implying that TON is more or less neutral currently. Related Reading: XRP, Dogecoin, & Shiba Inu All See Negative Sentiment: Signal To Buy? Dogecoin and Cardano, on the other hand, stand out with their 30-day MVRV Ratios of -16.7% and -12.6%, respectively. These values are deep enough that Santiment has labelled these coins as “very bullish.” It now remains to be seen how DOGE and ADA develop in the coming days, given this potential positive signal in the MVRV Ratio. DOGE Price Dogecoin has been riding on bearish momentum over the last couple of weeks as its price has now dropped to $0.125. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Meme coins, the once-dismissed “joke” tokens, are rapidly solidifying their position in the multi-trillion-dollar scene. According to CoinMarketCap, meme coins now command a cumulative market cap of over $45 billion. Interestingly, they are on an upward trajectory as thousands of meme coins are minted predominantly on top platforms like Solana, Ethereum, and Base. Analysts and investors are taking notice as meme coins like BOME, PEPE, and Dogecoin boom. Most predict this subset of crypto will expand and become a core part of the industry in the coming years. Arthur Hayes Backs Meme Coins In a recent interview, Arthur Hayes, the BitMEX co-founder, joined the growing list of meme coin supporters. Hayes backed meme coins, stating that these tokens are increasingly gaining traction because of their simplicity. Unlike complex decentralized finance (DeFi) protocols or AI, they require no technical knowledge. Therefore, this feature and accessibility continue to broaden their appeal. This position also seems to resonate with Raoul Pal, who, in the same interview, added that meme coins are rising because of the cultural connection these tokens tag. As constructed, meme coins are meant to ride on internet hype and cultural relevance. Related Reading: Potential Downtrend In Play? TON Struggles As Price Falls Below $7.7 Therefore, their playful nature and relatable themes resonate with a global audience. In turn, this helps forge a strong connection with the trend, as evidenced by the popularity of the viral BODEN meme coin. More analysts are coming out to back these tokens. Earlier, one analyst said at least three of these tokens would each command at least $100 billion in market cap in the next crypto bull run. Dogecoin is the most valuable meme coin, with a market cap exceeding $20 billion. If Dogecoin, for example, rallies to command a $100 billion market cap, DOGE holders will massively benefit. As of mid-June, only Bitcoin, Ethereum, and USDT, a stablecoin, have market caps exceeding $100 billion. Despite its sharp expansion, even Solana is still perched at fourth, boasting a slightly over $66 billion market cap. Aptos To Take Over From Solana: A Meme Coin Host While Hayes backed meme coins, he predicted that Aptos would flip Solana to become the second largest and most active layer-1 platform after Ethereum within three years. Interestingly, this clashes with the current trend and Hayes’ position. Related Reading: Cardano Founder’s Pig NIKE Sparks Memecoin Craze, Market Cap Nears $1 Million Because of Solana’s high scalability and low fees, the platform is emerging as a home of meme coins, taking over from Ethereum. Even so, Hayes didn’t provide any explanation, saying all details will be made public in September. Earlier on, the BitMEX co-founder downplayed the threat posed by Solana on Ethereum’s lead. In his view, the first smart contracts platform has strength in its developer community and anchors decentralized finance (DeFi). Feature image from DALLE, chart from TradingView
The memecoin whale made an over 1,428% return on his initial investment in the Trump token.
Bitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.
Two prominent crypto market experts have shed light on the future of meme coins in this market cycle, predicting the potential launch of a Dogecoin Exchange-Traded Fund (ETF) soon. Crypto Heavyweights Affirm Dogecoin ETF Is Coming Co-founder of BitMEX, Arthur Hayes and Chief Executive Officer (CEO) and co-founder of Real Vision, Raoul Pal have appeared […]
Dogecoin is currently at a critical price junction that might determine its price trajectory in the short term. Although the meme coin has witnessed a significant price drop in the past seven days, recent whale activity suggests that the tide might change soon. Notably, large holders of DOGE have been taking advantage of the price drop to accumulate millions of DOGE. Per data from Santiment, an on-chain analytics platform, addresses holding between 10 million and 100 million Dogecoins have collectively accumulated more than $129 million worth of DOGE in the past seven days. Dogecoin Whales Accumulate DOGE According to the on-chain data from Santiment, whales have increased their accumulation in the past week despite the price decline for the meme coin. Remarkably, these whale addresses have bought over 900 million tokens in seven days, suggesting their faith in DOGE despite the price downturn. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Consequently, on-chain data shows the number of coins owned by this cohort of traders has increased by approximately 5% to a collective 18 billion tokens. A look at the chart above reveals that the collective holdings of these whale wallets have generally been on an uptick since the last week of March. During periods of price increases, the accumulation has typically exhibited an upward tendency and remained stable during periods of price drops. However, the recent accumulation is different because it comes alongside a corresponding price decrease, showing a different strategy from the whale wallets. Interestingly, similar data from IntoTheBlock suggests a similar increase in activity on DOGE alongside the whale accumulation. This uptick in activity saw around 9.29 billion DOGE tokens traded in the past 24 hours. Additionally, 1,500 transactions were concluded in the past 24 hours, implying traders are actively exchanging DOGE. How Whale Transactions Impact DOGE Price Considering its meme coin status, Dogecoin is highly influenced by sentiment among traders and particularly huge investors. These big investors, known as “whales” in crypto lingo, can have a significant impact on Dogecoin’s price when they move their funds around. Their buying activity triggers bullish momentum by pumping up demand, which drives the price higher as other traders follow their lead. Related Reading: Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’ Interestingly, this recent whale accumulation comes as a much-needed catalyst for bullish momentum. At the time of writing, DOGE is trading at $0.1428 and has been down by 11.29% in the past seven days. However, this decline seems to be slowing down, with DOGE only registering a 0.6% loss in the past 24 hours. According to a crypto analyst, this spiral towards $0.14 is forming an important generational bottom for DOGE. Featured image created with Dall.E, chart from Tradingview.com
Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced price declines of over 10% this week. The downtrend experienced by these meme coins is likely due to the macro side, which has cast doubts in the minds of crypto investors. The US Fed’s Hawkish Stance Has Cast A Shadow Of Doubt Dogecoin and Shiba Inu are […]
Dogecoin has observed a plummet of 11% over the past week, but this decline may not continue further, as DOGE is now just above a major on-chain support block. Dogecoin Is Now Just Above A Major On-Chain Demand Zone According to data from the market intelligence platform IntoTheBlock, DOGE is currently above a zone of significant on-chain demand. In on-chain analysis, “demand zones” refer to price ranges in which many investors buy their coins. Related Reading: Solana Set For “A Major 53% Price Move,” Analyst Reveals Why These zones are determined using blockchain data; the average price at which an address receives deposits is considered its cost basis. Below is a chart showing how the Dogecoin price levels near the current one are based on how many addresses share their cost basis with them. In the graph, the size of the dots corresponds to the number of addresses that acquired their coins within the respective range. It would appear that the $0.096 to $0.139 range currently looks to be the largest Dogecoin price range in terms of this metric. More specifically, 409,330 addresses acquired a total of 45 billion DOGE inside this range. Now, what’s the relevance of this demand zone, or any other one, for that matter? Generally, the cost basis is an important level for any investor, so they may be more prone to show some reaction when the spot price of the cryptocurrency retests it. A few investors showing this reaction would naturally not be relevant for the broader market. Still, if many of them share their cost basis inside the same narrow range, then a retest could produce a large reaction for the price to feel its effects. The demand zone around the average price of $0.115 had many addresses acquire their coins there, so its retest could be significant for the memecoin. As the current Dogecoin price is above this range, these investors who bought inside the range would be sitting on some profits. Historically, such demand zones below the price have acted as points of support for the cryptocurrency. This is because investor psychology tends to work out, so these holders who were in profits before the retest may believe the price would go up again so they could decide to buy more of the asset. On the other hand, investors in the red before the retest can fuel the cryptocurrency’s resistance as they sell in fear that the price will fall again. “On the upside, DOGE may face resistance around the $0.16 level, where 20 billion DOGE is presently held at a loss,” notes IntoTheBlock. Related Reading: Why Is Bitcoin Stagnant Despite ETF Inflows? Report Answers It remains to be seen whether the on-chain demand zone below would help stop the memecoin’s decline if its price drops enough to retest it. DOGE Price The past week has been a bad time for Dogecoin investors as the asset’s price has crashed around 11%. Following this drawdown, DOGE is now trading around $0.142. Featured image from iStock.com, IntoTheBlock.com, chart from TradingView.com
Bitcoin and several altcoins are getting sold into rallies, increasing the risk of a downside breakdown.
Amidst a wave of bullish sentiment sweeping across Solana and the cryptocurrency market, well-known cryptocurrency analyst and trader Crypto Jelle has offered insights on the price action of SOL, issuing a warning for SOL that there will likely be a substantial decline that might bring the price of the digital asset back to $140. Crypto […]
A crypto pundit has declared that Dogecoin (DOGE) and Solana (SOL) have reached their “make it or break it levels.” This assessment is set to generate a wave of optimism as DOGE and SOL could be getting ready for a rebound soon. Dogecoin And Solana At Make It Or Break It Point A Crypto analyst […]
The only thing worse than meme coins is complaining about the financialization of memes.
The price of Dogecoin succumbed to severe bearish pressure in the late hours of Friday, June 7th, dropping below the $0.15 level for the first time in June 2024. With the meme token looking stuck in a consolidation range all week long, the latest price drop will be another potential source of concern for most […]
Dogecoin has been one of the most talked-about cryptocurrencies recently and has continued to maintain its position as the largest meme coin in the market. Its recent price action has left much to be desired, leaving investors wondering where the price might be headed next. However, an important bullish formation just showed up on the […]
As the meme coin mania persists, popular cryptocurrency expert and enthusiast Javon Marks, in a bullish outlook for Dogecoin (DOGE), has predicted the crypto asset to undergo a 4x surge, projecting it to reach a new all-time high and potentially climbing higher. Impending 4x Spike For Dogecoin To New All-Time High This optimistic forecast, which […]
Crypto analyst Ali Martinez recently revealed the bearish sentiment surrounding Dogecoin (DOGE). Interestingly, he suggested this might be a good opportunity to invest in the foremost meme coin as things could soon turn bullish. The Bearish Sentiment Around Dogecoin Martinez mentioned in an X (formerly Twitter) post that the market sentiment for Dogecoin is as bearish as it was in early February. Specifically, the crypto analyst was referring to Dogecoin’s social volume and weighted sentiment, which were currently signaling a negative sentiment towards the meme coin. Related Reading: Can Bitcoin Rise 150% From Here? Crypto Expert Peter Brandt Predicts The Top This social volume metric refers to how much the crypto token is discussed across social media platforms. Therefore, the decline in Dogecoin’s social volume suggests that traders are currently paying more attention to other meme coins. This is expected given how Dogecoin’s price has lagged for a while now, with other meme coins like Dogwifhat (WIF) and Pepe (PEPE) recording significant gains. However, Martinez suggested that Dogecoin could enjoy a bullish reversal soon enough, revealing that Dogecoin’s price skyrocketed by over 200% back in February when it was plagued with such bearish sentiment. Dogecoin whales seem to have taken the hint and used this opportunity to accumulate more of the meme coin. Martinez revealed that these investors have already purchased 700 million ($112 million). The crypto analyst also mentioned that these whales have bought an additional 200 million DOGE since May 30. This is undoubtedly in anticipation of the significant price gains that Dogecoin could make soon enough. Crypto analyst Altcoin Sherpa also recently raised the possibility of Dogecoin rising to as high as $0.40 soon enough. He claimed that this would happen as retail investors accumulate the meme coin. He further alluded to Elon Musk’s influence on the meme coin and stated that “all it takes is one retarded Elon tweet to blow it (Dogecoin) up.” He added that Dogecoin has “great liquidity/low downside” compared to other meme coins. DOGE Season Around The Corner Crypto analyst Crypto Kaleo recently predicted that Dogecoin’s season might be around the corner. He alluded to the fact that Dogecoin rose significantly in 2021 after GameStop’s stock hit its peak in early 2021. He believes that Dogecoin could again rally once GameStop hits its market top. Related Reading: XRP Hasn’t Had A Bull Cycle Since 2017, Analyst Reveals What Will Happen When It Does In another X post, Kaleo revealed that he is confident that Dogecoin can outpace Bitcoin in this cycle. He suggested that Dogecoin’s current price action is normal, claiming that the meme coin “moves sideways for extended periods, followed by rapid vertical growth.” The crypto analyst also noted that the market is in a meme supercycle and remarked that the “king of memes won’t be left behind.” At the time of writing, Dogecoin is trading at around $0.15, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com