Retail investors all retreated after Dogecoin plummeted, Dogecoin whales tried to turn things around

Original author：狗狗幣中文社群之新聞台

Original source：https://www.youtube.com/embed/m8zEp0397Ag

https://www.fxstreet.com/cryptocurren...

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This news was published on January 19, 2024, Taiwan time
The title is: Retail investors all retreated after Dogecoin plummeted, and Dogecoin whales tried to turn things around.

In recent months, the price of Dogecoin has suffered a heavy decline, falling nearly 25%, and the current price is $0.077. As retail investors retreated, the number of active addresses decreased by 36.8%, and the market atmosphere turned pessimistic. However, whale investors who influence the market are actively accumulating Dogecoin, accumulating more than 140 million Dogecoin in just two weeks, worth approximately US$10.7 million. Dogecoin price has fallen below the support of the 200-day exponential moving average (EMA) and lost support of the 50-day and 100-day EMA, indicating that the market trend is biased towards the bearish side. However, if whales can change the market signal from bearish to bullish, Dogecoin may be able to rebound to $0.080 or even break the $0.084 resistance. Whales currently hold large amounts of Dogecoin, and their actions have triggered price increases or corrections in the past, so their aggressive actions could be key to market recovery.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. Short-term Bearish: Dogecoin’s current technical indicators show clear bearish signals, mainly because its price has fallen below the 200-day exponential moving average (EMA) and lost support from the 50-day and 100-day EMA. . These are important indicators that the market's short-term trend is weakening. At the same time, market sentiment is also showing signs of pessimism, especially with retail investors retreating after the sharp price drop and a significant reduction in the number of active addresses. These factors combined suggest that Dogecoin may continue to face price pressure in the near term.

2. Long-term bullish: From a long-term perspective, Dogecoin’s prospects appear to be more optimistic. The main positive is that large whale investors have recently significantly increased their holdings of Dogecoin, which is often seen as a sign of confidence in future price increases. Historically, aggressive whale action has often heralded long-term upward trends in the market. In addition, considering the cyclical characteristics of the cryptocurrency market, the market tends to rebound after a period of adjustment, which also provides the possibility for Dogecoin's long-term growth.

Overall, Dogecoin is currently facing short-term price pressure, mainly due to bearish signals from market technical indicators and the retreat of retail investors. However, from a long-term perspective, whale investors increasing their holdings of Dogecoin show confidence in its future price growth. Therefore, while Dogecoin may face challenges in the short term, in the long term, positive actions by whales may be an important factor in supporting its price recovery. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.