doge

Dogecoin ‘Looks Undeniably Impulsive’ – DOGE/BTC Ratio Uncovers Strong Accumulation

Published

2 days ago

January 5, 2025

Este artículo también está disponible en español.

Dogecoin has kicked off the new year with an impressive 29% rally from local demand levels, captivating investors and signaling its resilience in the crypto market. The meme coin leader is now testing critical resistance around the $0.40 mark, a level that could determine its next move.

Top analyst Bluntz recently shared an insightful analysis, emphasizing that Dogecoin appears to be in a strategic accumulation period. According to Bluntz, this phase is setting the foundation for an aggressive surge later in the cycle, potentially positioning DOGE for significant gains. Such accumulation periods are often precursors to explosive upward movements, especially for assets with strong community backing like Dogecoin.

The coming days will be pivotal for DOGE as it battles to break above the $0.40 resistance level. A successful breakout could ignite a bullish rally, reinforcing Dogecoin’s position as a market favorite. However, failure to clear this zone might result in short-term consolidation, delaying the anticipated surge.

Dogecoin Devising A Rally

Dogecoin has displayed strong bullish price action since early November, defying market volatility and capturing the attention of investors. Even with its recent correction, the price has managed to recover, showing growth that underscores its potential for further upside.

Bluntz recently shared a technical analysis on X, highlighting the accumulation phase in the DOGE/BTC ratio. According to Bluntz, the ratio is “still accumulating,” suggesting that Dogecoin is preparing for a significant rally in this cycle. Bluntz confidently stated that there is “no chance” DOGE won’t surge during this bull run, reflecting the analyst’s optimistic outlook on the meme coin leader.

DOGE/BTC Ratio 1 Week Chart | Source: Bluntz on X

While Dogecoin’s trajectory looks promising, it’s essential to recognize the associated risks. Volatility remains a hallmark of cryptocurrency markets, and Dogecoin is no exception. The broader economic landscape adds another layer of uncertainty, with rising interest rates, inflation, and global economic pressures influencing investor sentiment. These factors could contribute to periods of sharp price fluctuations for DOGE.

For long-term investors, Dogecoin’s ongoing accumulation phase may present an opportunity to enter the market ahead of a potential breakout. However, risk management and a cautious approach are vital, especially given the unpredictable nature of both the crypto market and the global economy. If Dogecoin manages to clear key resistance levels, it could validate Bluntz’s bullish thesis and solidify its status as a top performer in this cycle.

Price In Consolidation

Dogecoin is currently trading at $0.38 after encountering resistance at the $0.40 mark. This level has temporarily halted DOGE’s upward momentum, placing the price in a consolidation phase. Such periods of sideways trading are not uncommon and could last for several days or even weeks as the market gathers strength for the next move.

Dogecoin testing crucial liquidity | Source: DOGEUSDT chart on TradingView

Despite the pause, optimism remains high among investors and analysts. The $0.43 mark is emerging as a critical resistance level for DOGE. A clean breakout above this level would signify renewed bullish momentum, potentially propelling Dogecoin to multi-year highs or even new all-time highs. Achieving this would likely draw fresh attention from both retail and institutional investors, further bolstering its upward trajectory.

However, the path forward is not without its challenges. Market sentiment and broader crypto trends will play a significant role in determining whether Dogecoin can muster the strength to push higher. If the consolidation phase is accompanied by increased trading volume and strong buying support, the breakout scenario becomes increasingly likely.

Featured image from Dall-E, chart from TradingView

Source link

doge

Dogecoin Jumps 20%, But Social Media Still Bearish: Green Signal For Rally?

Published

9 hours ago

January 7, 2025

admin

Dogecoin has made some notable recovery during the past week, but social media users have remained bearish. Here’s why this could be good for the rally.

Dogecoin Weighted Sentiment Has Remained Negative Recently

As pointed out by analyst Ali Martinez in a new post on X, the Dogecoin Weighted Sentiment still has a red value. The “Weighted Sentiment” here refers to an indicator from the analytics firm Santiment that tells us about the dominant sentiment related to a given asset that’s present on the major social media platforms.

This metric is based on two other indicators: Sentiment Balance and Social Volume. The first of these, the Sentiment Balance, calculates the net sentiment present on social media.

It works by putting the various posts/messages/threads through a machine-learning model to differentiate between positive and negative posts. Then, it takes the two counts and subtracts them to determine the net market situation.

While the Sentiment Balance does provide a rough overview of social media, it may not always be the best representation of the majority of the users, as all it can do is take into account the data of the posts currently present. That is, it only says about the sentiment of the active users, regardless of whether they are actually a minority by count.

To mitigate this problem and achieve more accuracy, the Weighted Sentiment incorporates the second element: the Social Volume. This indicator measures the total unique number of posts on social media that mention the cryptocurrency.

Thus, by weighting the Sentiment Balance by this metric, the Weighted Sentiment ensures that its value only registers a spike (in either direction) when there is both a significant tendency towards one sentiment and a large number of users voicing said sentiment.

Now, here is the chart for the Weighted Sentiment for Dogecoin shared by the analyst that shows the trend in its value over the past few months:

Dogecoin Weighted Sentiment

As displayed in the above graph, the Dogecoin Weighted Sentiment turned negative in December as the meme coin’s bull rally hit an obstacle, and its price reversed to the downside.

The negative sentiment hasn’t changed in 2025 so far, but interestingly, the trend in the price has. Over the past week, the asset has seen a recovery rally of more than 20%. The continued bearish sentiment would imply this run hasn’t been enough to change the opinion of social media users yet.

Historically, digital assets have tended to move in a way that’s opposite to the expectations of the majority. From the chart, it’s apparent that Dogecoin’s tops in November were accompanied by sharp positive spikes in the Weighted Sentiment.

Therefore, considering that the traders are pessimistic towards DOGE right now, chances may be that this latest rally could have further room to run before encountering a wall.

DOGE Price

Following its recovery during the last few days, Dogecoin has seen its value climb to the $387 mark.

Dogecoin Price Chart

Source link

Altcoins

Dogecoin Primed for a Price Rebound As Crypto Whales Accumulate DOGE, According to Analyst

Published

1 week ago

December 29, 2024

admin

A popular crypto analyst says one technical signal suggests that top meme token Dogecoin (DOGE) could be primed for a bounce.

Ali Martinez tells his 104,600 followers on the social media platform X that the Tom DeMark (TD) Sequential Indicator presented a bullish signal for DOGE.

“The TD Sequential presents a buy signal on the Dogecoin DOGE four-hour chart, anticipating a price rebound!”

Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.

Martinez also notes that Dogecoin whales bought more than 90 million DOGE in the past two days.

DOGE is trading at $0.314 at time of writing, a fractional decrease in the past 24 hours.

Looking at Bitcoin (BTC), Martinez warns that traders should be worried if the top-ranked crypto asset by market cap drops below a certain price level.

“You don’t want BTC to dip below $92,730 – it’s essentially free-fall territory if that level breaks.”

Martinez suggests that below $92,730, the next on-chain support for BTC hovers at around $69,000 based on Glassnode’s UTXO (Unspent Transaction Output) Realized Price Distribution, a metric that shows the amount of Bitcoin that last moved within a specific price bucket.

But while Martinez is sounding the alarm about a potential pullback for BTC, he notes that a 20-30% correction represents “the most bullish thing that could happen to Bitcoin.”

Bitcoin is trading at $94,671 at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Source link

ADA

Crypto Whales Gobble Up Nearly $149,600,000 Worth of Cardano and Large-Cap Memecoin in Just Two Days: Analyst

Published

3 weeks ago

December 16, 2024

admin

An on-chain analyst says deep-pocketed investors are loading up massive amounts of Cardano (ADA) and a top memecoin as the market went sideways for the past week.

Analyst Ali Martinez tells his 98,800 followers on the social media platform X that crypto whales accumulated $85.6 million worth of ADA in a couple of days.

“Cardano whales bought over 80 million ADA in 48 hours!”

At time of writing, ADA is trading for $1.07.

Martinez also says deep-pocketed investors snapped up $64 million worth of the large-cap memecoin Dogecoin (DOGE).

“Whales bought another 160 million Dogecoin DOGE in 24 hours!”

At time of writing, DOGE is worth $0.40.

In total, the crypto whales accumulated nearly $150 million worth of ADA and DOGE in just two days during the past week.

Turning to Bitcoin, Martinez says he’s looking at BTC‘s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for BTC.

According to the analyst, Bitcoin has a fortress of support above $94,000 as millions of wallets accumulated millions of BTC around and above the price area.

“Bitcoin sits on top of a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought over 2.18 million BTC.”

At time of writing, Bitcoin is trading for $101,946.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix