TL;DR Breakdown
- Dogecoin price analysis shows price dropped almost 5 percent over the past 24 hours
- According to WhaleStats, the top 1000 Binance smart wallets account for over $50 million in DOGE
- The current dip could provide more buyers a chance to come into the market and push resistance
Dogecoin price analysis for the day showed bearish signs at large as price fell more than 4.5 percent to as low as $0.1433. Trading volume also fell more than 35 percent to cap off a dismal week for DOGE where price dipped around 17 percent. However, data from WhaleStats that came out this week suggests that the top 1000 accounts on the Binance smart chain account for more than $50 million in DOGE. During January’s crypto bloodbath, Dogecoin saw a spike in on-chain activities with major acquisitions coming from whales. Such acquisitions are usually considered bullish and predict a price rally.
The larger cryptocurrency market saw continuation of a bloodbath that began on Thursday, with Bitcoin pulling back further to sit just above $42,000 after undergoing a 3 percent decline. Ethereum dropped below $3,000 with a significant 6 percent drop, while Altcoins also contributed to the bloodbath. Ripple receded more than 6 percent, with Cardano and Litecoin dipping 7 percent each. Meanwhile Solana recorded a massive 11 percent dip to cap off another bearish day for the market.
DOGE/USD 24-hour chart: Buyers push for an upturn as price continues downfall
The 24-hour candlestick chart for Dogecoin price analysis shows stronger technical indicators than what one would suspect while looking at the price trend for the past week. Price sits below the 25-day exponential moving average (EMA) but poses a relative strength index (RSI) of 42.99 which indicates positive market valuation. According to data intelligence platform IntoTheBlock, the profitability rate for DOGE sits above 50 percent which could prove to be decisive in buyers successfully pushing an uptrend. The moving average convergence divergence (MACD) also sits above its neutral zone to enhance a positive outlook for Dogecoin.
DOGE/USD 4-hour chart: Price expected to close above $0.14 over short-term trade
On the 4-hour candlestick chart for the DOGE/USD trade pair, price can be seen receding over the past trading sessions, but is expected to hold out selling pressure above $0.14. The current demand zone exists above $0.142 and DOGE would need to target that mark to keep potential 20 percent rally in check. The 4-hour RSI shows bleak market valuation at 28.32, that presents a slightly worrying outlook, but also represents the buying opportunity in the market for DOGE.
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