7.72 Billion Dogecoin in 24 Hours: Yet DOGE Price in Red

Dogecoin Experiences Significant Whale Activity Amidst Market Sell-Off

Cover Image: U.Today

Data from IntoTheBlock reveals that Dogecoin has registered large transaction volumes amounting to 7.72 billion Dogecoin, indicating substantial whale activity. However, this volume represents a 33.39% decline over the past 24 hours.

Market Conditions and Dogecoin's Performance:

Despite the high transaction volumes, Dogecoin's price has trended downwards, registering a 5.03% daily drop to $0.152 at the time of writing. The decline mirrors a broader market sell-off, which has been exacerbated by profit-taking in Bitcoin (BTC).

Liquidations and Sentiment:

Over $235 million in bets have been liquidated, including $8.59 million in Dogecoin long liquidations (bets against price declines). The Fear and Greed Index, which measures market sentiment, currently indicates "greed," suggesting the possibility of further price drops.

Outlook for Dogecoin Price:

Dogecoin's inability to surpass $0.18 on October 29 has led to profit-taking among short-term traders. Dogecoin has closed in the red for four out of the past five days and is currently hovering around $0.15.

If Dogecoin manages to regain a footing above $0.15, it could indicate a shift by bulls to convert this level into support. Buyers may attempt to push the price above $0.18, potentially reaching $0.21.

However, if Dogecoin drops below $0.14 in the near term, this positive outlook could be hampered. The 50-day SMA at $0.12 is expected to provide support in the event of a further decline.

Original Article: U.Today