Dogecoin Trading Volume Surges to $2 Billion Amid Bearish Signals
Dogecoin (DOGE) is experiencing significant market activity with a $2 billion surge in trading volume, accompanied by increased whale movements. Despite this activity, the overall sentiment is bearish as large holders are offloading positions amid decreasing retail demand.
Key Points:
- Dogecoin's trading volume rose by 62%, exceeding $2 billion on November 3, yet indicators point to strong selling pressure.
- Large holders are liquidating positions, contributing to substantial sell volume and Dogecoin's price decline.
- DOGE's price dropped below its previous consolidation range of $0.17 to $0.21 and is now around $0.16.
- Over 1 billion DOGE were sold by whales within a week, weakening Dogecoin’s technical outlook.
Analysts' Predictions:
- Analysts warn of further declines as support levels crumble, with potential downside targets reaching $0.12.
- Current bearish momentum could lead to a 30% price decline from current levels if it continues.
- A weak rebound suggests sellers dominate the market, with critical support near $1.41, about 15% below current prices.
