Bitcoin price dropped below $35,000 a few hours ago and is now attempting to recover after testing its recent support. Meanwhile, market-value/”>DOGE is currently trading at $0.068. The altcoin market has experienced some volatility and minor corrections. So, what is the current situation for Dogecoin investors, and which levels should they focus on?

Dogecoin (DOGE)

도지코인(DOGE)

According to on-chain data, whale activity increased from 790 to 1090 between November 27 and early December. This could be due to the overall market sentiment and the celebrations surrounding DOGE. During the same period last year, DOGE whale activity increased by approximately 450%. The 2022 DOGE Day celebration resulted in a 100% price increase from $0.060. Of course, we should not forget the impact of Elon Musk and the Twitter sales factor.

So, what about Dogecoin miners? Between October 25 and November 1, miners took a break from selling and accumulated 40 million DOGE. We previously mentioned that we might not see a significant price increase in the medium term due to the massive sales by DOGE miners. This turned out to be true, and the 40 million DOGE purchased by miners did not have much impact on the price.

그렇다면 Dogecoin 채굴자는 어떻습니까? 10월 25일부터 11월 1일 사이에 채굴자들은 매도를 잠시 중단하고 4천만 DOGE를 축적했습니다. 우리는 이전에 DOGE 채굴자들의 대량 판매로 인해 중기적으로 큰 가격 상승을 보지 못할 수도 있다고 언급했습니다. 이는 사실로 밝혀졌고, 채굴자들이 구매한 4천만 개의 DOGE는 가격에 큰 영향을 미치지 않았습니다.

Miners, who have accumulated only $2.8 million, may still believe that the price could drop to more reasonable levels. To be sure, we need to monitor how long the accumulation will continue. If the accumulation persists, the resistance levels will weaken as selling pressure decreases, and smaller investors will be encouraged to buy.

The Future of DOGE Price

DOGE 가격의 미래

In an environment where miners have paused selling and started accumulating, while whales’ risk appetite has increased again, what will happen to the price of DOGE? For now, it seems that an overly optimistic approach would be unwarranted. Moreover, the withdrawal of Musk’s support and the almost certain exclusion of Dogecoin from Twitter’s payment services have eliminated positive external factors.

The critical level for DOGE price was $0.069, which has been lost. The price dropped to $0.065, and if selling continues, it could revisit $0.06.

DOGE 가격의 임계 수준은 $0.069로 손실되었습니다. 가격은 0.065달러까지 떨어졌고, 매도가 계속되면 0.06달러로 재방문할 수도 있습니다.

On the daily chart, a close below $0.067 indicates that selling pressure could continue towards $0.064 and $0.0616.

일일 차트에서 $0.067 미만으로 마감되면 매도 압력이 $0.064 및 $0.0616을 향하여 계속될 수 있음을 나타냅니다.

With the price attempting to re-enter the parallel channel that formed in August, bulls are facing a challenging task.

계속 읽기: https://en.coin-turk.com/dogecoin-doge-on-chain-data-and-price-analytic/