Dogecoin Price Plummets to $0.12: Bears Face $92M Sell Wall, $0.10 Support at Risk
Release: 2024/08/01 20:39 Reading: 724
Dogecoin Price Takes a 12% Dive
Dogecoin (DOGE) has seen a significant decline, dropping to $0.12 as of this writing. This represents a 12% loss over the past three days. On-chain data indicates a growing trend among short-term traders exiting their DOGE positions, raising concerns about a further decline below $0.10.
Sell Pressure Mounts as Sell Orders Overwhelm Buy Orders
The selling pressure on Dogecoin has intensified, with sell orders for approximately 730 million DOGE outnumbering buy orders by a significant margin. This has created a sell-wall valued at over $92 million. In contrast, buy orders total only 380 million, resulting in a market supply excess that is driving down prices according to the law of supply and demand.
Traders Shift Focus Away from Memecoins
Recent analytics from Santiment reveal a notable shift in focus from memecoins like Dogecoin to leading cryptocurrencies such as Bitcoin, Ethereum, and Solana. The "Social Dominance" metric, which tracks discussions about the top 100 cryptocurrencies, shows a decrease in attention towards Dogecoin and similar assets.
Analysts Remain Bullish on DOGE
Despite the recent price decline, some analysts remain bullish on DOGE. X user Ali Martinez believes that the recent price patterns signal a bullish trend for DOGE, similar to patterns seen in 2016 and 2021. Martinez expects the coin to surge by 140% to 230%, followed by a correction and a subsequent bull market.
Other analysts, such as Mags and KALEO, have also expressed optimism about DOGE's prospects. Mags suggests that the coin's accumulation phase may be ending, with a potential parabolic stage on the horizon that could push the price above $1. KALEO forecasts that DOGE could experience rapid growth after periods of sideways movement, potentially outperforming Bitcoin (BTC).
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