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Dogecoin Down 9%: What Is Going On?
Source: Buzz FX / 15 Nov 2024 08:15:23 America/Chicago
Dogecoin’s (CRYPTO: DOGE) 9% price pullback presents a potential buying opportunity, according to optimistic cryptocurrency traders on social media.
What Happened: After an 88% rally over the past week, Dogecoin has dropped 9% in Friday trading.
On-chain tracker Lookonchain reported that a whale shifted all funds from the SPX meme coin to DOGE in the past two days, selling 10.6 million SPX for $6.2 million and using the proceeds to buy 13.95 million DOGE worth $4.88 million.
Despite the dip, Dogecoin remains one of the top-performing meme coins:
Cryptocurrency Price Market Cap 24-Hour Trend 7-Day Trend Dogecoin (CRYPTO: DOGE) $0.3749 $55 billion -8.9% +88% Shiba Inu (CRYPTO: SHIB) $0.00002426 $14.3 billion -6.1% +27% Pepe (CRYPTO: PEPE) $0.00002179 $9.1 billion -1.3% +97% Trader Notes: Crypto analyst Ali Martinez predicts a 22% price move for DOGE, depending on an hourly close outside the $0.42-$0.38 range.
Trader Scient plans to long DOGE at $0.34, noting a possible wick to $0.32 but expects higher prices next week if $0.34 holds.
Another trader, Cantonese Cat, analyzed the DOGE weekly chart and predicted "another 3-4 weeks to accumulate at this level before shooting up, possibly to $4?"
Crypto trader Kevin identifies $0.30-$0.26 as Dogecoin's key support zone, aligning with the golden pocket retracement. This 30-40% correction from the local top is seen as a healthy pullback during a bull market.
Statistics: IntoTheBlock data shows large transaction volume increasing by 41.1% and daily active addresses up by 34.9%. Transactions greater than $100,000 are up from 3,230 to 4,997 in a single day. Meanwhile, Martinez noted Dogecoin whales purchased 140 million DOGE, worth $56 million, in the past 24 hours.
Community News: Binance Japan has launched a zero-fee spot trading promotion for XRP, Dogecoin and Cardano against the Japanese Yen, running from Nov. 15 to Nov. 27.
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