Thursday, April 18, 2024

Dogecoin Recovery Possible, But Hinges on Bitcoin’s Strength.

Tuesday’s meme coin market collapse is being led by the price of Dogecoin (DOGE), as the price of Bitcoin (BTC) is driving the collapse of the entire cryptocurrency market.

Dogecoin’s price is poised to rise.

Tuesday saw an almost 11% decline in Dogecoin prices, wiping out about $11 million in long positions against roughly $3 million in short positions. The falling price of Bitcoin was the catalyst for the crash.

If the $0.1823 support holds, the dump might actually be a godsend. This is dependent on whether the price of bitcoin stays above $64,000 at the bottom. In the event that it happens, markets might rebound, and meme coin mania would probably resurface.

Dogecoin’s price can fall to the next support level, which is approximately $0.1525, if the $0.1823 support level is broken. In a worst-case scenario, the meme currency with a dog theme might test the $0.1337 base, which is a crucial point in the price of DOGE.

Additionally, it’s possible that the bulls will hold the $0.1867 support level and use it as the catalyst for a rally towards recovery. In the case of a daily candlestick close above $0.2048, the short-term bearish hypothesis would be refuted.

As per the Global In/Out of the Money (GIOM) indicator provided by IntoTheBlock, the subsequent support levels span from $0.0896 to $0.1337.

The $0.1337 support is significant because it is in the previously indicated range, where about $761,430 addresses presently possess about 26.50 billion DOGE tokens that were bought at an average price of $0.1017.

These several addresses’ desire to increase their holdings would put buying pressure on any attempt to drive down the price of Dogecoin.

However, if Dogecoin’s price falls below the crucial range, further selling orders might be placed, perhaps powerful enough to drive DOGE to the range low of $0.0741.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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