Search
Close this search box.

Search

Dogecoin Rebounds: 15% Increase Signals Investor Confidence

Join us on :

DOGE Price Analysis: Dogecoin Declines by 3.08%; Will Doge Overturn This Trend as the Weekend Approaches?

Amid a broader crypto market meltdown, Dogecoin (DOGE) is showing signs of bullish validation. The crypto ecosystem has faced severe selling pressure in recent days, prompting investors to seek safer investments. As a result, many traders and whales liquidated their holdings to secure any remaining profit. On Thursday, CoinGlass reported that Dogecoin led the meme coin liquidation.

Related article: DOGE Founder Reacts to Bitcoin Price Plunge

Significant Liquidations And Price Drop

The altcoin recorded over $4 million in liquidation within 24 hours, which totaled 41,554,054 units of DOGE. Despite this significant figure, it pales compared to Bitcoin’s (BTC) $90.06 million liquidation during the same period. The liquidation caused a 7.89% price drop for DOGE, reducing its value to $0.1121 within 24 hours. However, within the last 24 hours, Dogecoin has experienced a notable surge in market value.

DOGE registered a 15% increase and is currently trading at $0.1082. Although this jump has not fully recovered its recent losses, it indicates growing confidence among big buyers in the coin’s potential rebound. This recovery might accelerate Dogecoin’s next major milestone of breaching the 100 million addresses mark, having recently surpassed 90 million.

Identified Demand Zones

According to U.Today, DOGE has identified critical demand zones that could support the meme coin. Approximately 1.14 million addresses acquired 11.36 billion DOGE in the price range between $0.081 and $0.099.

Related article: Dogecoin Price Dips as Whale Offloads $41 Million on Binance

Another significant range is between $0.07 and $0.081, holding about 23.72 billion DOGE across 1.16 million addresses. The recent price rally could attract more investors to the DOGE ecosystem in the coming days. If this influx occurs, it might lead to further rebounds. 

As Dogecoin continues to exhibit signs of bullish validation, its performance will be closely watched by both traders and enthusiasts alike.

fxtele

Share this :

Facebook
Twitter
LinkedIn
Telegram
WhatsApp

London, United Kingdom, May 1st, 2024, Chainwire Humanode, a Layer-1 blockchain built with Polkadot SDK, has become the most decentralized