Despite price corrections in April, Dogecoin (DOGE), a popular meme coin in the cryptocurrency ecosystem, showed a significant increase in trading volume. The trading volume, which was 2.99 billion dollars on April 6th, rose to 5.36 billion dollars on April 15th. However, this increase resulted in a 13% price drop.
Dogecoin Holders and Market Behavior
According to Santiment’s analysis, wallets holding between 1,000 and 10,000,000 DOGE are accumulating Dogecoin, while those with 1 million to 10 million DOGE, known as whales, are seen selling their holdings. This could indicate a possible price correction in the market.
According to IntoTheBlock data, 81% of DOGE holders are currently profitable. However, these wallets are filled with unrealized gains, which could create selling pressure on this cryptocurrency in the near future.
Key Levels in Dogecoin Price
The current price of Dogecoin is trading at 0.1564 dollars, showing a 3.3% decrease before Dogecoin Day on April 20th. Investors should closely monitor Bitcoin price movements, as a positive trend in Bitcoin is expected to have similar effects on Dogecoin.
Useful Information
The increase in DOGE trading volume is an indicator of general interest and user activity.
Whale sales of assets could be an important signal for potential corrections in the market.
0.17 dollars is identified as a critical resistance level for DOGE.
Price movements in Bitcoin can directly influence DOGE price trends.
In conclusion, Dogecoin investors should carefully monitor whale movements and market trends in Bitcoin, as well as shape their strategies considering the 0.17 dollar resistance level.
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