434 Interactions, 4 today
For the second day in a row, the price of Dogecoin remains rangebound. The asset hit a local peak of $0.06064, then fell back to the previous rangebound stage. This week, it has fallen by more than 4.66 percent. Based on CoinMarketCap price info, it is up 5.4 percent relative to this month’s price activity. Dogecoin has been trading rangebound for nearly a month, with no strong theme arising aside from its reaction to memes and commentary from influencers like Musk on Crypto Twitter.
Since Binance markets account for the bulk of DOGE trading volume, DOGE is currently trading at a 0.5 percent premium on Binance. The 24-hour amount has decreased by 24%, indicating that DOGE is exiting exchanges and entering storage and wallets. This might briefly decrease liquidity, allowing a bullish narrative to evolve.
This comes as DeFi tokens and large-capitalization altcoins recover from monthly lows. Despite its reputation as a meme coin, Musk is rooting for its inclusion on Coinbase. On Github, there have been many changes to the asset’s open code. As it is being exchanged in high amounts through markets in order to book actual profits, the technical growth and upgrade process has begun. Based on fundamentals, this would mean a long-term bullish view. However, according to IntoTheBlock’s on-chain review, retail traders on exchanges are reportedly bearish.
86 percent of HODLers are sustainable at the present price stage. However, several people purchased DOGE at its height and are now waiting for sufficient liquidity and market action beyond the $0.06 price mark. What’s odd is that $5.5 billion in trades on the DOGE coin network were high value transactions, and these movements were made by DOGE whales in the last week.
Since the coin has a low valuation, the majority of chances to book real gains depend on large volume trades, and whale moves are few. Furthermore, whale moves do not mean that a price rebound is imminent; however, the rangebound price activity could be the consolidation period for DOGE as uncertainty and price rise in the coming weeks. Traders’ view on DOGE is bearish based on on-chain analysis, and based on patterns, this may be the consolidation period before a new listing or more technical updates.