Dogecoin Price Plunges As Whale Dumps 400M Coins On Binance
Release: 2024/07/06 16:54 Reading: 608
Dogecoin Plunges Below $0.1 Amid Market Uncertainty
Dogecoin's market performance has been bearish, with its price sinking below $0.1 for the first time in four months. At the time of writing, Dogecoin stood at $0.1033, marking a 5.5% drop over the past 24 hours from its rebound at $0.09379.
The price decline has been ongoing since May, with a brief period of consolidation from June 20 to July 2. However, market conditions and selling pressure have pushed the price further down.
Whale Activity Compounding Market Sentiment
The recent price drop was exacerbated by a crypto whale selling 400 million Dogecoin ($41.08m) on Binance. This transaction increased selling pressure and fueled bearish sentiment in the market.
Despite selling a significant amount, the whale still holds 379.08 million Dogecoin (worth approximately $36.59 million), indicating a possible strategic move rather than a complete asset dump.
Technical Analysis Suggests Negative Sentiment
Dogecoin's technical analysis aligns with the negative market sentiment. The cryptocurrency has fallen below its first support level of $0.10331 and is approaching its second level at $0.08214.
A recovery to the pivot point at $0.13455 is unlikely in the short term under the current market conditions. However, a bullish flag formation on the 1-day chart suggests a potential recovery with the RSI indicator showing an oversold condition.
Derivatives Volume Spikes, Open Interest Declines
Amidst the market downturn, Dogecoin derivatives volume has increased by 57.88% to $3.09 billion. This indicates increased trading activity and speculation, often associated with bullish trends or anticipation of significant events.
Contrarily, open interest has decreased by 12.13% to $506.05 million. This decline, alongside the volume increase, suggests short-term trades are contributing to the volume growth as traders exit positions rather than opening new ones. However, it may also signal a potential reversal if it follows a price increase.
The 24-hour long/short ratio for Dogecoin is 0.9585, indicating a slightly bearish market sentiment. This balance reflects indecisiveness or a cautious approach among traders.
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