- Dogecoin loses 20% in 7 days, DOGE should hold on to its current levels for the broader sentiment to stay bullish.
The crypto market bled heavily in the last 24 hours, bogged down by massive selling of blue chip currencies like Bitcoin [BTC] and Ethereum [ETH].
The contagion spread to the world’s largest memecoin, Dogecoin [DOGE] as well.
The original dog-themed token sank more than 10% in the last 24 hours of trading, broadening its weekly losses to 20%, and monthly losses to more than 38%, data from Coinstats showed.
The price drop triggered liquidations of more than $15 million in DOGE positions in the derivatives market, Bitcoinworld noted using Coinglass’ data.
Litmus Test For DOGE
Noted crypto trader and commentator Kevin took to X to underline the significance of DOGE’s current price levels.
After the weekly close I made the prediction that #Dogecoin would come down to test the .125-.13 cents level. We officially came down to .129 so far. At this point this is a major support zone and if the #Crypto market is in a real bull market we should not lose this zone. If we… https://t.co/DFWqFiydia
— Kevin (@Kev_Capital_TA) April 30, 2024
He stated that the 12.5–13 cents level was a major support zone and DOGE should ideally hold it for the sentiment to stay bullish. Kevin said,
“If we do lose this zone then we will reassess this market.”
See Also: Doge With Hat (DOGEHAT) Will Rally 5,500%, As Shiba Inu And Bonk Lag
Whales Have Other Plans
Meanwhile, whales stepped up their game as the prices dropped. According to Bitcoinworld’s analysis of Santiment’s data, large transactions, worth more than $100,000, increased in the last two days.
Alongside this, addresses belonging to cohorts holding between 1,000 and 1 million coins were seen rising. The findings from these two metrics suggested that wealthy investors were dip-buying DOGE.
The bullish interest was also reflected in the long exposure of whales.
As per Bitcoinworld’s analysis of Hyblock Capital data, the percentage of whale positions longing DOGE increased from 72.9% to 74.85% in the last 24 hours.
Clearly, whales know something about DOGE that we don’t!
Negative Sentiment Persists
DOGE’s social activity also rose in the last 24 hours, as shown by an increase in the mentions of the coin on top crypto-focused channels.
However, most of the commentary was pessimistic on its prospects, as the Weighted Sentiment trended in the negative territory.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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