Price: $0.41104 6.5228%
Market Cap: 60.38B 1.8264%
Volume (24h): 13.44B 0.4%
Dominance: 1.8264%
Price: $0.41104 6.5228%
Market Cap: 60.38B 1.8264%
Volume (24h): 13.44B 0.4%
Dominance: 1.8264% 1.8264%
  • Price: $0.41104 6.5228%
  • Market Cap: 60.38B 1.8264%
  • Volume (24h): 13.44B 0.4%
  • Dominance: 1.8264% 1.8264%
  • Price: $0.41104 6.5228%
Home > Information news > Dogecoin Price Analysis: Whale Selling Raises Risk of Sub-$0.1 Levels

Dogecoin Price Analysis: Whale Selling Raises Risk of Sub-$0.1 Levels

Release: 2024/06/19 21:06 Reading: 346

Original author:Coingape News Media

Original source:https://coingape.com/?post_type=markets&p=203170

Dogecoin Price Analysis: Whale Selling Raises Risk of Sub-$0.1 Levels

Dogecoin Price Analysis

On Wednesday, the cryptocurrency market experienced subdued volatility, with Bitcoin stabilizing above $65,000. However, the effects of the early week sell-off continue to impact altcoins, with meme cryptocurrencies taking the brunt of the decline.

As a result, Dogecoin, the largest meme coin, has fallen to multi-month support, signaling a crucial juncture for either a significant recovery or an extended correction.

Dogecoin Price Analysis: Trend and Support

Dogecoin has exhibited a gradual yet steady downtrend over the past three months, confined within two descending trendlines. These trendlines represent major dynamic resistance and support, forming a bullish continuation pattern known as a "flag." Under the influence of this pattern, DOGE has declined from $0.228 to a 15-week low of $0.113, marking a loss of 50.4%.

Currently, the price is stabilizing around $0.12, supported by technical levels such as the 50-week EMA, 61.8% Fibonacci, and the flag's support trendline. The renewed buying pressure at this confluence of support is evident from Tuesday's long-tailed rejection candle.

Whale Activity and Retail Investor Impact

According to data from IntoTheBlock, Dogecoin's largest holders (whales) have been reducing their holdings over the past year. Entities holding over 0.1% of the supply have seen their share decline from 45.3% to 41.3%.

In contrast, retail and mid-sized investors now hold a larger portion of the total supply.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.