Dogecoin

2024

<ul class="list-ic vertical">
 <li><span>1</span> <a>Dogecoin plunges below $0.1, a first in 4 months, amid a 13.5% 24-hour drop. </a></li>
 <li><span>2</span> <a>Whale sells 400M DOGE, retains 379.08M, fueling market uncertainty. </a></li>
 <li><span>3</span> <a>DOGE derivatives volume spikes 57.88% as open interest falls 12.13%. </a></li>
</ul>
<p>Dogecoin’s market performance has been notably bearish, with the price falling below $0.1 for the first time in four months. Nevertheless, at the time of writing, the price of Dogecoin stood at $0.1033, which was a 5.5% fall within the last 24 hours after a rebound from the $0.09379 support.</p>
<p>The price had been falling since the end of May but had a short period of consolidation between June 20 and July 2. However, the market crash and pressure to sell caused the price to fall even more.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXenE8qXuqQue2Bc_AkbAYPdty8jFfAKnN0opiDLAyR8NcSaIcLWwDYXpzqcLzHYkGQeP-2WbPpzUaoT7f5FpViUjOpJ5Y4oswX5ui5tbxzPWxSYpLYnlVSpGDHNNWs3Okm9F_oPhue198aYFL6ckNu3g75J?key=3lrHXqoMNL5DpSnx3oE-WQ" alt="">
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<p>Since the beginning of February, the meme coin’s price has been at its lowest, but it later surged in the mid-March. The market trend is still bearish, although the previous trends suggested some upside movements.</p>
<h2 class="wp-block-heading" id="strong-whale-activity-and-market-sentiment-strong"><strong>Whale Activity and Market Sentiment</strong></h2>
<p>The recent price drop was compounded by a crypto whale selling 400 million <strong>Dogecoin </strong>worth $41.08m on Binance. This big transaction has heightened selling pressure and a bearish mood in the market.</p>
<p>The whale still holds 379.08 million <a href="https://www.thecoinrepublic.com/2024/07/02/analyst-places-1-price-target-on-dogecoin-ahead-of-memecoin-supercycle/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin</a>, which is worth about $36.59 million, and this shows that this could be a strategic move instead of completely dumping the asset.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 400,000,000 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> (41,081,558 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a><a href="https://t.co/N8KfXvgIze" rel="noopener noreferrer nofollow">https://t.co/N8KfXvgIze</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1809044752068640894?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>This significant dump has heightened traders’ concern, indicating that they do not have much faith in Dogecoin’s ability to rebound in the near future. Fear, uncertainty, and doubt (FUD) have been seen to be rife on social media platforms, contributing to the negative market sentiment.</p>
<h3 class="wp-block-heading" id="strong-doge-usd-technical-analysis-strong"><strong>DOGE/USD Technical Analysis</strong></h3>
<p>The technical analysis of <strong>Dogecoin </strong>also suggests negative sentiments in the market. The cryptocurrency has revisited and breached the first support level of $0.10331 and is on course to the second support level at $0.08214.&nbsp;</p>
<p>Therefore, the recovery towards the pivot at $0.13455 is not expected in the short term due to the current market conditions.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXejBxAQyhD4m3sPtB8Y-8ye2USUDVyA03VNMSDjcuMnOyDCunvJTdFkXSG8qA8vT1Lbsks_YxJw-IWfm6w4VHQ-OK4OuBA79RU_-GnsRfwF6EK9cSTt6KZXHYYectExQGpAV7JFzAoBF41vNynUVv-2cU0?key=3lrHXqoMNL5DpSnx3oE-WQ" alt="">
 </figure>
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<p class="has-text-align-center">DOGE/USD 1-day price chart (source: <a href="https://www.tradingview.com/x/B1mvhUBf/" rel="noopener noreferrer nofollow">TradingView</a>)</p>
<p>However, a bullish recovery may be imminent with the bullish flag forming on the 1-day chart. Concurrently, the RSI is oversold with a rating of 22, which is a precursor for a bullish rebound.</p>
<h2 class="wp-block-heading" id="strong-doge-derivatives-volume-and-open-interest-strong"><strong>DOGE Derivatives Volume and Open Interest</strong></h2>
<p>The overall crypto market has also been hit hard by liquidations, and Dogecoin was not spared either. In the past 24 hours, $675 million worth of crypto assets were liquidated, the highest amount since the FTX crash. At the same time, the trading volume of <strong>Dogecoin </strong>derivatives has risen by 57.88% to $3.09 billion.</p>
<p>It suggests there might be more trading activities and possibly early signs of speculation, especially during bullish markets or prior to major events.</p>
<p>This significant rise in trading volume indicates heightened activity and potentially increased speculative interest in Dogecoin, often seen during bullish market phases or in anticipation of market-moving events.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeYDr25r7tjyA5UmPmopW_rqUzLFiT9jhzw6LHymWzf8MxkbKA2CzVFbBcqHiz-hBL_9jRSbgYItU32Xc6Yx6y6-7pzX9gn1EnWvPjhbROZdYjq_Kz2SQTzJwdUX5pkO8Fz8tRc0qFHURK2mJVg2zr-A3oe?key=3lrHXqoMNL5DpSnx3oE-WQ" alt="">
 </figure>
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<p class="has-text-align-center">DOGE Derivatives Chart (source: <a href="https://www.coinglass.com/currencies/DOGE" rel="noopener noreferrer nofollow">Coinglass</a>)</p>
<p>On the other hand, the open interest has reduced by 12.13% to $506.05 million. A fall in open interest accompanied by a rise in volume indicates that short-term trades are the cause of the volume increase, as traders unwind their positions instead of opening new ones. It can sometimes signal a near-term reversal if it follows a price increase.</p>
<p>The 24-hour long/short ratio for <strong>Dogecoin </strong>is 0.9585, meaning there is a slightly bearish market sentiment rather than a bullish one. This balance indicates some level of indecisiveness or conservative approach among the traders.</p>

Dogecoin Price Plunges As Whale Dumps 400M Coins On Binance

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Thecoinrepublic.com

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