Points
- Dogecoinhasdeclinedby8%inthelast24hoursamidbroadermarketdownturn.
- DOGE’s24-hourtradingvolumesurgedby115%,reaching$1.05billion.
- Theassetbrokeacrucialsupportlevelat$0.1184.
- AnalystspredictpotentialfuturemovementsusingElliottWavetheory.
Dogecoin（DOGE）joins the broad market in the ongoingbloodbath,declining by8%in the last24hours and recording almost$5million inliquidation.
DOGE’sTradingVolumeSurge
Amid thisbackdrop,its24-hourtrading volume has recorded a staggering surge of115%,with$1.05billion worth of Doge changing hands at presstime.According to ourdata,DOGE plunged to this level after breaking a crucial support level at$0.1184following four unsuccessful attempts since March19.
Historically,the current price has been the lowest ever recorded in the pastmonth,when it declined by more than29%.
OtherDataSupportstheBearishThesis,ButAnalystAnticipatesaRally
Our analysis of IntoTheBlock data confirms that there has been a substantial outflow of DOGE fromexchanges,with the liquidation heat map indicating a dip below$0.120.
The Relative Strength Index（RSI）shows a reading of32,indicating that the asset may soon enter the oversoldterritory.Similarly,the Moving Average Convergence Divergence（MACD）shows a slight bearishmomentum,with the signal line remaining above the MACDline.On top ofthat,the Bollinger Bands shows a seriouscontraction,which indicates a potential period of decreased volatility or upcoming considerablemove.According to thedata,the upper Bollinger Band shows a reading of around$0.1353,while the lower Bollinger Band shows a reading of$0.1127.The bearish sentiment is further reinforced by the AwesomeOscillator,which indicates bearishsentiment.
Against the ongoing downwardtrend,crypto analyst Big Mike estimates that DOGE could hit$1by late2024to2025.Using the Elliott Wavetheory,an indicator that uses the recurring fractal wave patterns to predict the marketcycle,it was established that DOGE has completed the five majorwaves.It peaked at$0.68835in the process before entering the corrective phase and forming wavesW,X,andY.
解説
- DOGE’stradingvolumesurgeindicateshighinvestoractivitydespitethepricedecline.
- TechnicalindicatorssuggestthatDOGEmaybeenteringanoversoldterritory,potentiallysignalingareversal.
- TheElliottWavetheoryprovidesalong-termbullishoutlook,predictingDOGEcouldreach$1by2025.
- Investorsshouldwatchforfurtherpricemovementsandtechnicalindicatorsignalstoassesspotentialbuyingopportunities.