Dogecoin Whales Accumulate 800 Million DOGE Amid Market Decline
Bitcoin (BTC) and major cryptocurrencies declined over 3% as profit-taking followed a recent rally. Key points include:
- Overall crypto market capitalization decreased by 3.3%, with BTC dropping from above $84,200 to nearly $83,500.
- Ethereum (ETH) and Cardano's ADA fell up to 5% among the major cryptocurrencies.
- The crypto market stabilized at around $2.7 trillion after an 8% increase over the past week.
- FxPro’s Alex Kuptsikevich noted that a significant consolidation above the 200-day moving average at approximately $2.97 trillion is needed for further gains.
- Bitcoin remains above its 50-day moving average but is in a resistance zone, suggesting potential weakening of the rebound.
- Solana (SOL) is showing resilience, trading near its 50-day moving average at $130, with potential upward movement if it consolidates above this level.
- Market chartist Peter Brandt expressed skepticism about Bitcoin reaching new highs in the current cycle, highlighting trendline violations as less reliable indicators than moving averages.
Dogecoin (DOGE) Insights
- Whales accumulated over 800 million DOGE in 48 hours, signaling confidence in its short-term prospects.
- DOGE trades around $0.154-$0.155, facing immediate resistance at $0.157 and crucial support at $0.153.
- Recent volatility saw DOGE peak at $0.169 before a downtrend began.
- A sharp selloff occurred recently, with price dropping 1.1% within five minutes on high volume.
- The price is currently stabilizing around $0.154, forming a potential double bottom at $0.153.
Solana (SOL) Market Activity
- SOL consolidated between $125-$132 after a surge from $119.59 to $136.01.
- It led DEX volumes, surpassing Ethereum with $2.43 billion in trading activity over three days.
- The 50-hour moving average at $129.80 is a critical pivot point for SOL.
- Potential support is indicated at $127.40 if current levels fail to hold.
Cardano (ADA) Price Movement
- ADA surged from $0.618 to a peak of $0.667 before correcting significantly.
- Current consolidation is between $0.605-$0.615 with increased volume during declines indicating bearish pressure.
- Despite some accumulation, ADA faces resistance from the 200-hour moving average.
- Momentum indicators show oversold conditions, possibly allowing for short-term relief.