doge
Why Is The Dogecoin Price Down Today?
Published
1 week agoon
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adminDogecoin (DOGE), the foremost meme coin, is down over 6% in the last 24 hours according to data from CoinMarketCap. This downtrend can be attributed to the price movement of the flagship crypto, Bitcoin.
Dogecoin Drops Alongside Bitcoin
Dogecoin’s price also experienced a sharp decline as the flagship crypto dropped from over $66,000 to below $64,000 in the last 24 hours. Altcoins like DOGE are known to experience a similar downtrend whenever Bitcoin’s price records a correction like the way it has done. Generally, the global crypto market is down over 4%, thanks to this occurrence.
Several factors are believed to have contributed to Bitcoin’s recent decline (and, by extension, Dogecoin and other altcoins). One is the upcoming release of the Personal Consumption Expenditures (PCE) inflation data on April 26. Despite estimates from the Cleveland Fed, predicting that the PCE data will show that inflation has slowed, crypto investors are still wary, given that the March Consumer Price Index (CPI) data didn’t show any disinflationary progress.
Crypto investors are also still apprehensive about the conflict in the Middle East. Although tensions between Israel and Iran seem to have subsided, there is still the belief that things could quickly get heated again. The impact this geopolitical conflict has on the crypto market has become evident, and investors want to avoid getting burned again.
Meanwhile, the Spot Bitcoin ETFs, which now significantly impact the crypto market, have seen their inflows slow this month. The demand for these investment funds has drastically dropped, contributing to the unimpressive price action among crypto tokens like Dogecoin, given the amount of liquidity they brought into the market at their peak.
Interestingly, the world’s largest asset manager, BlackRock, recorded zero daily inflows into its iShares Bitcoin Trust (IBIT) for the first time on April 24, further underscoring how bad things have become.
DOGE Still Expected To Experience Further Price Declines
Based on crypto analyst CrediBULL Crypto’s recent analysis, the foremost meme coin is still expected to experience further price declines even when the crypto market picks up again. The analyst mentioned that the crypto market is getting to the point where liquidity in memes like Dogecoin and other altcoins will get sucked by Bitcoin as it makes its move to $100,000.
The crypto analyst predicts that Dogecoin could drop to as low as $0.5 when this happens, suggesting there wouldn’t be enough liquidity for the meme coin to maintain any uptrend. However, crypto analyst Kevin (formerly OG Yomi) offered a different opinion, noting that nothing on the monthly time frame suggests Dogecoin will drop to as low as $0.5.
DOGE price drops below $0.15 | Source: DOGEUSDT on Tradingview.com
Featured image from Cryptoast, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Dogecoin Mirroring Price Action That Preceded Massive Bull Runs in the Past, Says Trader – Here’s His Outlook
Published
2 days agoon
May 3, 2024By
adminCryptocurrency analyst and trader Ali Martinez is saying that the price of Dogecoin (DOGE) is exhibiting behavior it has previously displayed before embarking on massive rallies.
Martinez tells his 61,200 followers on the social media platform X that the largest memecoin by market cap earlier this year broke out of a descending triangle, which is considered bullish if the price breaks out above the upper trend line, on the weekly chart.
“It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run!”
According to Martinez, Dogecoin exhibited similar price behavior in 2017 and 2021.
“In 2017, DOGE broke out of a descending triangle. Then, DOGE retraced by 40% before entering a 982% bull run!”
“In 2021, DOGE broke out of a descending triangle again. Then, DOGE retraced by 56% before skyrocketing by 12,197%!”
“Over the years, Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience.”
Dogecoin is trading at $0.13 at time of writing.
Next up is the second-largest memecoin by market cap, Shiba Inu (SHIB). Martinez says that he entered a long position nearly 20% below the current level and is targeting a gain of close to 4x.
“Shiba Inu appears to be forming a bull flag on the daily chart! I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends SHIB to $0.000072323.”
SHIB is trading at $0.0000225 at time of writing.
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Analyst
Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target
Published
3 days agoon
May 2, 2024By
adminThe Dogecoin price action seems to have turned bearish after a bearish close to April. Projections for the meme cryptocurrency are not bullish in the short term, especially considering the fact that it is now experiencing a 47% price correction from its highest point in the current market cycle. Despite its recent plunge, one analyst believes all is still well with Dogecoin, and the crypto asset is only gearing up for a bull run into new price territories.
Dogecoin Repeating Behavior From Previous Bull Run
According to a recent analysis by popular crypto analyst Ali Martinez, Dogecoin’s current price action is setting up for a potential bull run, despite the cryptocurrency’s ongoing price correction. His analysis is based on interesting patterns on the Dogecoin price chart.
Although they are a very volatile asset class, patterns are an interesting way to predict the future movement of cryptocurrencies. Now, Dogecoin appears to be repeating some of the same patterns that led to its massive breakout in 2017 and 2021.
Specifically, Dogecoin broke out of a descending triangle pattern in the last quarter of 2023, a seemingly occurring trend and a first step for the cryptocurrency. As Martinez noted, the first time this breakout happened was in 2017. However, DOGE went on a 40% correction shortly after before resuming a 982% bull run. Again, a similar breakout of a descending triangle in 2021 saw the crypto retracing by 56% before skyrocketing by 12,197% to reach its current all-time high of $0.7316.
Now, in 2024, #DOGE has yet again broken out of a descending triangle!
It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024
Now, the recent DOGE correction in the past month after breaking out of a descending triangle means the crypto could be gearing up for a similar bounce up. According to the DOGE price chart shared by Martinez, the first step is breaking above resistance at $0.224. If it can hurdle that level, it opens up a run back to the 2021 high and a push-up to a first target of around $1.2.
Looking further out, Martinez’s chart shows an ultimate price surge above $6 in this bull cycle. For this to happen, Dogecoin would need to regain momentum and rally over 4,700% from current levels over the coming months. While this price point looks overachieving, Dogecoin has pulled off epic rallies before, surging over 12,000% at one point in 2021 alone.
It has only been a few months into 2024 Dogecoin has already been on a wild ride this year along with the rest of the crypto market. At the time of writing, DOGE is trading at $0.125 and is down by 16.92% in the past seven days. Trading volume is up by 50% in the past 24 hours, which suggests a return of investor interest.
DOGE bulls reclaim control of price | Source: DOGEUSDT on Tradingview.com
Featured image from MarketWatch, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoin
Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On?
Published
3 days agoon
May 2, 2024By
adminDogecoin (DOGE), the Shiba Inu-faced darling of the 2021 memecoin frenzy, has found itself shivering in the current crypto winter. Once a symbol of retail investor exuberance, DOGE has plummeted over 70% from its sky-high peak, leaving its future shrouded in uncertainty.
DOGE Feels The Crypto Frost
While Bitcoin, the heavyweight champion of the crypto world, grabs headlines with its recent wobble, the impact on memecoins like DOGE has been brutal. Unlike Bitcoin’s divided analyst opinions, the sentiment surrounding DOGE is decidedly bearish.
At the time of writing, the memecoin was trading at $0.132, down 5.4% up the last 24 hours but sustained a 20% loss in the last seven days, data from Coingecko shows.
Dogecoin price action in the last 30 days. Source: Coingecko
Is DOGE A Canary In The Crypto Coal Mine?
Some analysts believe DOGE’s struggles are a canary in the coal mine for the entire crypto market. They said if even a historically high-flying memecoin like Dogecoin can’t hold onto gains, it raises serious concerns about risk appetite in the crypto space in general.
Dogecoin market cap currently at $18 billion. Chart: TradingView.com
Whales Accumulating DOGE: A Glimmer Of Hope?
However, a glimmer of hope flickers for the dethroned meme king. On-chain data suggests an increase in large wallet purchases of DOGE, hinting at potential accumulation by wealthy investors. This “contrarian” behavior could be a sign that some whales are using Coinglass or similar platforms to track Dogecoin derivatives and believe the coin is undervalued and ripe for a comeback.
Source: Coinglass
Coinglass, a popular cryptocurrency data provider, offers insights into factors that might be influencing the whales’ decisions. By analyzing metrics like open interest, funding rates, and liquidations on Coinglass, these investors might see an opportunity to buy DOGE at a discount.
Related Reading: Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch
In a similar development, Whale Alert, a well-known blockchain tracker, has reported that a DOGE whale arranged two large transactions in a single day. Some 150,000,000 Dogecoins were transferred in the first transaction, and an additional 76,316,694 DOGE were transferred in the second, for a total of almost 226 million DOGE. At the time, the meme cryptocurrency was worth around $40 million in fiat money.
🚨 150,000,000 #DOGE (21,281,922 USD) transferred from #Robinhood to unknown wallethttps://t.co/7U1CEfr2ZT
— Whale Alert (@whale_alert) April 29, 2024
Can Dogecoin Thaw The Crypto Winter?
The coming weeks will be critical for DOGE. The return of positive social media sentiment, coupled with continued accumulation by whales who might be strategically using Coinglass for market analysis, could be the spark that reignites the DOGE rally. However, if the broader market weakness persists, DOGE’s summer might be spent shivering in the doghouse.
Featured image from Pixabay, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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