Dogecoin Loses 20% In 7 Days, But Can This Group Turn Things Around?
Release: 2024/05/02 17:39 Reading: 683
Dogecoin Loses 20% in 7 Days, But Can This Group Turn Things Around?
In the past week, Dogecoin (DOGE) has experienced a significant decline of 20%, with the broader crypto market facing a downturn due to heavy selling of blue-chip currencies like Bitcoin (BTC) and Ethereum (ETH).
The price of DOGE has fallen by over 10% in the past 24 hours, bringing its monthly losses to more than 38%, according to data from Coinstats. This price drop has triggered liquidations of over $15 million in DOGE positions in the derivatives market.
Litmus Test for DOGE
Noted crypto trader and commentator Kevin emphasized the importance of DOGE's current price levels, stating that the 12.5-13 cents level represents a major support zone. He believes that if DOGE holds this zone, the bullish sentiment can be maintained. However, a loss of this support could lead to a reassessment of the market.
Whales Step Up
Despite the price decline, whales have increased their activity, as evidenced by an increase in large transactions worth over $100,000 in the past two days. Additionally, addresses holding between 1,000 and 1 million coins have also seen a rise. These metrics suggest that wealthy investors are buying DOGE at discounted prices.
The bullish interest among whales is further supported by the increase in long exposure, with the percentage of whale positions longing DOGE rising from 72.9% to 74.85% in the past 24 hours.
Negative Sentiment Persists
While DOGE's social activity has increased, the sentiment remains largely pessimistic, with the Weighted Sentiment trend indicating negative sentiment.
Disclaimer:
The information provided is not trading advice. Bitcoinworld.co.in assumes no liability for any investments made based on the information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decisions.
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