Dogecoin (DOGE) has fallen significantly in the last 24 hours, today, with a decline of about 10% to trade at $ 0.215 on 17 May. This decline corresponds with an increase in sales activity of whales after the sale of more than 170m coins in 24 hours, affecting the dogcoin price performance.
Dogcoin price whale dump dipped as 170 m dogo
The price of dogcoin is due to recession at the end of this week Mem coin market accidentBecause it fell at a one -week low on Saturday. The decline follows a huge increase in the activity of selling whales, highlighting a negative attitude from these traders because they guess that it is anticipated Top meme coin Is going to face further losses.
Data from the century suggests that within 24 hours, the whale between 10 meters and 100 meter Dogi reduced its holdings from 23.91 billion to 23.74 billion. This highlights the sale of more than 170 meters tokens within 24 hours as the Dogecoin price fell from $ 0.24 to $ 0.21.
This whale-celling activity coincides with weak demand for dogcoin. Data from coinmarketcap It is revealed that the DOGE trading volumes exceed 34%, as traders lose interest in meme tokens.
DOGE traders posted $ 7m loss as derivatives data flips recession
Derivatives market data further reveals a recession Dogocine value forecastThe RKT data suggests that in the last 24 hours, the long worth $ 6.78 million was forcefully closed, while small posts worth $ 1.14 million were erased.
At the same time, open interest has declined by 6.9%, indicating that more than $ 290 million open positions have been discontinued, which highlights the decrease of punishment among traders that will correct the dogcoin.
However, as the above data shows, top traders are rapidly betting that the price of dogcaoin is going to be cured. On the bennens, the long/short ratio is at 3.46, which shows a long bias. However, the overall long/short ratio of 0.94 reflects lesser positions than long positions, which highlights that the widespread feeling is recession.
$ 0.21 holds Dogecoin technical analysis as support
The price of dogcoin is facing a steep decline as it fluctuates within a descending parallel channel on a four-hour chart. A breakout from the lower trendline would trigger a decline by $ 0.17, and after bitcoin, Dogcoin erased the recent profit, which broke above $ 100,000.
The Chaikin Money Flow Indicator has been highlighted that buying pressure is increasing again after the steep decline towards the zero line. If CMF continues to grow, it will show a huge increase in buying which will catalyze the uptrend of dogcoin.
In addition, the ups and downs in the value within the Bollinger band highlight that the dogcoin can record an improvement in the near period. After leaving the lower bowling band and defending this support level, Dogge can bounce back to the midline of the descending channel and climb back to $ 0.23.
Frequently asked questions (FAQs)
The price of dogcoin is falling due to a sales in the wider crypto market. The sales activity caused by the long position and the shutdown of whale captilation is also reducing the price.
Once the uptrend failed after reaching $ 0.24, the whale is selling. As these addresses sell, this price may push less.
DogeCoin $ 0.21 can defend the support level if buyers step inside and start submitting DIP. If it bounces with this support, it will rally by $ 0.24.
Muthoni
Muthoni Mary is an experienced crypto market analyst and writer, who has an experience over three years, dissecting blockchain trends, price movements and market dynamics. With a sharp look for technical analysis and intense understanding of on-chain matrix, she provides practical, data-powered materials that help investors navigate the world with a fast book of digital assets.
Disclaimer: The material presented may include the author’s personal opinion and is subject to the market status. Do your market research before investing in cryptocurrency. The author or publication does not have any responsibility for your personal financial loss.
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