Price: $0.38587 1.8261%
Market Cap: 56.68B 1.7359%
Volume (24h): 8.03B 0.4%
Dominance: 1.7359%
Price: $0.38587 1.8261%
Market Cap: 56.68B 1.7359%
Volume (24h): 8.03B 0.4%
Dominance: 1.7359% 1.7359%
  • Price: $0.38587 1.8261%
  • Market Cap: 56.68B 1.7359%
  • Volume (24h): 8.03B 0.4%
  • Dominance: 1.7359% 1.7359%
  • Price: $0.38587 1.8261%
Home > Information news > Can DOGE Recover from Market Lows Amid Whale Purchases?

Can DOGE Recover from Market Lows Amid Whale Purchases?

Release: 2024/10/04 23:02 Reading: 619

Original author:TheNewsCrypto

Original source:https://thenewscrypto.com/?p=109865

Can DOGE Recover from Market Lows Amid Whale Purchases?

Dogecoin Fluctuates Amid Increased Exchange Netflow: Bearish Sentiment Weighs

Despite a recent surge in price, Dogecoin (DOGE) faces challenges due to rising exchange netflow and sell-offs.

Market Conditions

Despite a 5.48% increase to $0.1086 today, DOGE has been experiencing volatility. The coin reached a 14-day low of $0.10108 yesterday, marking a 12% decline over the past week. Trading volume has also decreased by 9%, indicating reduced market interest.

Whale Activity and Sell-Offs

In the last 24 hours, crypto whales have purchased over 1 billion DOGE, valued at $108.7 million. However, this influx has been accompanied by increased exchange netflow (135.2 million DOGE) and large transactions (1.56 thousand), resulting in substantial sell-offs and continued bearish sentiment.

Technical Analysis

The daily chart for DOGE suggests a bullish trend. The 9-day Exponential Moving Average (EMA) is at $0.11036, while the Relative Strength Index (RSI) is at 48, indicating potential oversold conditions. Key resistance levels are $0.13072 and $0.14270, while support is at $0.08246.

Future Outlook

DOGE's ability to maintain bullish momentum amidst fluctuating trading activity and whale sell-offs will determine its direction in the coming days. Traders and investors will be closely monitoring price movements and any potential reversals as DOGE navigates these critical resistance levels.

Tags:

  • Altcoin
  • DOGE
  • Dogecoin

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