Crypto Market Eyes Leading Coins
Release: 2024/05/01 04:39 Reading: 297
Crypto Market Eyes Leading Coins
While uncertainty lingers in the cryptocurrency market, attention is shifting towards prominent cryptocurrencies. Bitcoin (BTC) has experienced fluctuations below $60,000, while investors seem to be focusing on meme coins, particularly Dogecoin (DOGE).
Current State of DOGE
DOGE has faced selling pressure, resulting in a decline. BTC has repeatedly fallen below $60,000 but appears to be defending this level for now. Over 24 hours, DOGE experienced a 4.3% drop, with a price of $60,200.
Alongside this decline, DOGE has exhibited short, low-range transactions. The Turkish Lira value of DOGE was calculated at 4.29 TRY, representing an 8% drop.
The number of DOGE investors has grown since April. However, this increase may not be sufficient to drive a price increase. Additionally, the market outlook suggests fear, potentially leading to further declines in meme coins.
DOGE Price Movement
DOGE is currently trading at $0.1313 within a range (purple) between $0.14 and $0.165. The mid-level has acted as both support and resistance in April, contributing to this range. The CMF indicator indicates significant capital outflows, standing at -0.09.
The 12-hour RSI is at 37, signaling a bearish momentum. This reflects the losses experienced over the past five days. The low price range aligns with the 78.6% Fibonacci retracement level, providing encouragement to investors.
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Despite the bearish outlook, the potential for market entry and loss mitigation is recognized. However, indicators suggest the possibility of further losses in the future.
The Future of DOGE
Coinalyze data reveals low capital inflow into the market, evident from the CMF. Open Interest has steadily declined in recent days, indicating a lack of enthusiasm among speculators.
The Spot CVD has been in a continuous decline since April 22. While the downtrend appeared to pause in the last 24 hours, a fresh drop seems to be emerging.
However, if the Spot CVD can rise above this level, it could create a positive atmosphere for investors looking to buy at the range's low points.
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