Dogecoin Price Dip is being discussed among big analysts and they are predicting it to go below 7 cents. Can the DOGE live out this price dip? Lets find out.
Dogecoin is being discussed a lot in the crypto world. Cryptokeleo(an analyst) predicted that Dogecoin price dip below 7 cents. But later it may increase to $1. All this is happening amidst a lot of volatility and negative trends in the crypto market.
Dogecoin’s price is around $0.082 on August 6, 2024. It has fallen sharply by 23.91% in the last 24 hours and has fallen by 38.86% in the last week. This fluctuation reflects widespread volatility in the crypto market, which is affecting many digital assets including Dogecoin.
Dogecoin Price Dip: Market Sentiment
Dogecoin price continues to go downwards showing that there is less demand for it in the market and prices may fall further. A second indicator, Chaikin Money Flow (CMF) was at -0.19 indicating selling pressure and capital outflow from DOGE. This negative CMF value reinforces the bearish sentiment.
The Relative Strength Index (RSI) is at 30.53, which is near the oversold level of 30. This could indicate a potential short-term reversal or stability. However, given the overall negative trend of other indicators, buying decisions should not be made based on RSI alone.
Dogecoin Price Dip: Decreased Network Activity
There is a decrease in Dogecoin network activity. Active addresses have dropped sharply to about 47.3K, from peaks exceeding 345K previously. Transaction counts have been fluctuating but are mostly decreasing, now at 204,000. This low activity suggests that user engagement with Dogecoin is low which could impact its price.
Dogecoin Price Dip: Large Holders’ Confidence
According to a report by AMBCrypto, despite the negative trends large Dogecoin holders are holding on to their positions. Dogecoin amount moving out of these holders has decreased significantly from 192 million to just 42 million. This suggests that these key stakeholders are not selling their holdings, indicating their confidence in the potential recovery. If Dogecoin stays above $0.105, it might go up and try to reach $0.13.
Conclusion
Dogecoin’s recent price drop has made some investors worried, with predictions it could fall below 7 cents. However, big investors are still holding onto their Dogecoin, and there’s support around $0.105. If Dogecoin stays above this level, it might rise again, possibly reaching $1.00. Investors should be careful and look at technical indicators and market sentiment before making decisions.
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