Dogecoin

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-sees-significant-increase-in-transaction-volume/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogecoin Sees Significant Increase in Transaction Volume</a> 
Dogecoin (DOGE), the largest dog-themed cryptocurrency by market value, has recently seen a significant increase in transaction volume, indicating increased activity among whales and institutional players. According to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from IntoTheBlock, the total volume of these large transactions reached $1.09 billion in the last 24 hours, amounting to approximately 8.61 billion DOGE.
<h2 style="text-align: justify" id="strong-increase-in-large-transaction-volume-strong">Increase in Large Transaction Volume</h2>
Large Transaction Volume is a key metric that tracks the total amount of transactions conducted by major market players like whales and institutions in a single day. An increase in this metric typically indicates significant buying or selling activity among these participants. The recent rise in Dogecoin’s large transaction volume likely points to a period of increased interest and activity due to <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market conditions</a> or strategic moves by large investors.
Currently, the overall <a href="https://en.coin-turk.com/ak-parti-presents-cryptocurrency-legislation-to-parliament/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency market</a> is experiencing a decline, with Bitcoin recently falling to near $65,000 lows. This drop occurred amid speculation that the U.S. government might liquidate a portion of the significant amount of BTC seized during crackdowns on illegal markets like Silk Road. This downward trend has also affected Dogecoin, which is currently trading in the red.
<h2 style="text-align: justify" id="strong-technical-outlook-for-dogecoin-is-positive-strong">Technical Outlook for Dogecoin is Positive</h2>
Since its launch, Dogecoin has shown high volatility, and it continues to do so recently. After a four-day decline, the altcoin found support around its 50-day Simple Moving Average (SMA) at approximately $0.123. This level is crucial as it could form the basis for a potential price recovery. At the time of writing, Dogecoin is trading at $0.125, down 3.16% in the last 24 hours, with data indicating a 5.42% drop over the past 7 days.
<img fetchpriority="high" decoding="async" class="aligncenter size-full wp-image-375712" src="https://coin-turk.com/wp-content/uploads/2024/07/Altcoin-Dogecoin-DOGE.png" alt="" width="1488" height="746">
For a potential upward movement, Dogecoin needs to establish the 50-day SMA as a solid support level. If successful, this could lead to a relief rally targeting the 200-day SMA at $0.134. A sustained breakout above this level could see the price climb towards $0.14, potentially marking the beginning of a new uptrend targeting $0.18.
Conversely, if downward pressure increases and the price falls below the critical support at $0.12, the altcoin could see increased selling activity. In such a scenario, the price could further decline, potentially reaching $0.10.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-sees-significant-increase-in-transaction-volume/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogecoin Sees Significant Increase in Transaction Volume</a></h5>
The post <a href="https://en.coin-turk.com/dogecoin-sees-significant-increase-in-transaction-volume/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogecoin Sees Significant Increase in Transaction Volume</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Dogecoin Sees Significant Increase in Transaction Volume

Table of Contents

COINTURK NEWS

Outros artigos publicados em 31 de jul. de 2024

Peter Schiff Hits Out At Michael Saylor, Slams Trend Of Having Bitcoin On Balance Sheets: 'Compan...

Bank of Japan Raises Interest Rates and Impacts Crypto Market

Toncoin (TON) Price Eyes $10 Amid Bullish Recovery In Crypto Market?

Bitcoin Transaction Fees Lower as Price Swings

Analis Kripto Reku: Pertengahan Tahun Kinerja Bitcoin Cenderung Menurun

Just-In: Worldcoin Expands World ID Verification To Austria

Join our free newsletter for daily crypto updates!