Dogecoin Faces Crucial Test at $0.1184 Support Amid Profit-Taking Pressure
Release: 2024/07/05 00:07 Reading: 823
Dogecoin Plunges Amid Market Bloodbath, But Analyst Predicts Surge
Dogecoin (DOGE) has suffered heavy losses, mirroring the ongoing market downturn. In the past 24 hours, DOGE has plummeted by 8%, bringing its total decline to almost 10% in the past week. It now trades at $0.1103.
Amid this sell-off, DOGE's trading volume has surged by an impressive 115%, with $1.05 billion worth of coins changing hands at the time of writing. Data indicates that DOGE's price crashed after breaking a crucial support level at $0.1184 following several failed attempts to recover since March 19.
This price decline marks the lowest level recorded for DOGE in the past month, since it fell by over 29%. Analysis of data from Coinglass reveals that DOGE is the leading victim of liquidations among meme coins, with over $4.92 million liquidated in the past 24 hours. This liquidation also affected Bitcoin, which witnessed liquidations of $90.06 million during the same period.
Despite the bearish sentiment, data shows that 75.77% of DOGE addresses remain profitable, leading to "a wave of profit-taking among short-term investors."
Further data supports the bearish trend, with analysis from IntoTheBlock revealing a significant outflow of DOGE from exchanges. Additionally, technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a bearish momentum, while the Bollinger Bands indicate a potential period of decreased volatility or significant future movement.
However, crypto analyst Big Mike believes that DOGE could potentially reach $1 by late 2024 or 2025. Utilizing the Elliott Wave theory, he predicts that DOGE has completed five major waves and is currently in a new cycle. Based on this theory, wave (3) could see DOGE's price rise to between $0.35 and $0.50, followed by a correction in wave (4). Finally, wave (5), the final phase, could drive the price into the $1 zone. This prediction aligns with a previous forecast of a 1,500% surge, as reported by Crypto News Flash.
Recent news
More>- Homosexual Pepe Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- BTFD Presale Captivates Investors in the Best New Meme Coin Presales for Significant Returns as PEPE and SPX6900 Dominate the Scene Fuel the... 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- The Metrics Pointing to Massive Potential for WIF, JASMY, and PEPE in 2025 01-01
- BTFD Coin’s Presale is Unmissable Amid Pepe and Moo Deng’s Crypto Hype: Best Meme Coin Presales to Join This Week 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Ahead of Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- Crypto Gems for the Next Quarter: Top 5 Tokens to Watch 01-01
- Why $PEPE Jumped 20% Today And Which Coin Could Be Next 01-01
- Best New Meme Coins to Join for Short Term: BTFD Raises $4.7M in Presale as BONK Boasts Low-Cost Transactions and PEPE Enjoys Steady Followi... 01-01
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Missed Pepe Unchained? Don’t Worry, This New Pepe-Themed Meme Coin Will Produce Bigger Gains in 2025
- 8 Top 4 Altcoins At 70% Discounts – Last Chance!
- 9 Smart $Pepe trader makes $11.7M profit during Market Drop
- 10 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com