Dogecoin Attracts Nearly $21 Million in Accumulation Amid Market Decline: Can Bulls Spark a DOGE Price Rally?
Release: 2024/06/26 02:24 Reading: 986
Dogecoin Witnesses $21 Million Accumulation Despite Market Decline
Despite Bitcoin's recent drop towards $58,000, the meme coin sector remains resilient. Many popular meme coins maintained volatility during the market decline due to their relative resilience to market fluctuations. Dogecoin, in particular, has rebounded from its recent low due to increased accumulation.
Dogecoin's On-Chain Signals Show Recovery
Dogecoin faced significant liquidations recently, with total liquidations exceeding $1.6 million, largely driven by short positions. However, the market downturn has also led to a surge in large transactions involving Dogecoin, with a $1 billion increase in transaction volume, corresponding to a 6.6% price rise.
The "Large Transactions Volume in USD" metric from IntoTheBlock indicates increased activity by whales and institutions. This volume has reached 8.45 billion Dogecoin in the past 24 hours, a 37% increase.
Netflow Data Reveals Accumulation Trend
The Netflow metric suggests that holders have actively accumulated DOGE during the market correction. A negative shift in Netflow indicates withdrawals from exchanges, signaling a "buy the dip" sentiment for Dogecoin. Over the past 48 hours, approximately $21 million worth of DOGE (173 million DOGE) has been withdrawn from exchanges, reducing selling pressure.
Price Outlook for DOGE
Dogecoin initially declined below its consolidation range of $0.125 but found support near $0.114 and rebounded. As of writing, DOGE trades at $0.126, up over 8.6% in 24 hours.
If the price remains below $0.12, bears may gain control, potentially leading to a decline towards $0.10. Bulls will attempt to halt this downward movement, but sustained bear dominance could push the price down to $0.08.
Conversely, a surge above $0.14 could negate the bearish outlook and potentially trigger a rally towards the 50-day SMA at $0.165, keeping DOGE within the $0.17 to $0.2 trading range.
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