Dogecoin Drops, But Bulls Might Not Be Done Yet
- DOGE slid 5% in 24 hours, down to $0.20, but volume spiked to 1.25B DOGE during the drop.
- Technicals still favor a long-term uptrend, with whales buying the dip.
- A breakout above $0.23 could shift momentum fast—$0.265 would be the next stop.
Dogecoin took a pretty sharp hit in the past 24 hours—sliding nearly 5% from around $0.22 to touch $0.20. That’s the biggest intraday drop for DOGE this month. It had been flirting with $0.23 earlier but couldn’t hold the line, running into some heavy resistance and aggressive sellers. Over the last week, it’s down about 10%, and the market cap has dropped to $31 billion. But despite the dip, some chart watchers aren’t too worried just yet.
Volume Spikes as Liquidations Hit
Weird thing is, even though the price dropped, DOGE’s on-chain volume went wild. Activity spiked to over 1.25 billion DOGE—mostly around midnight. Analysts think it was caused by a wave of liquidations and stop-losses getting triggered all at once. That cascade may have set off a chain reaction, with bots and traders all hitting the exits at the same time.
Long-Term Channel Still Holding Up
According to Trader Tardigrade, DOGE is still cruising inside its long-term upward channel—the one that dates all the way back to 2014. That channel has acted like a springboard in the past, especially near its lower edge. Right now, Dogecoin’s hanging out in the lower-mid zone of that channel, which has historically meant “accumulation before lift-off.”
Even more interesting? The last few monthly candles have all been bullish engulfing ones. Tardigrade called this a possible setup for the next breakout, jokingly dubbing it the path “to Valhalla.” So yeah, things aren’t all doom and gloom.
Falling Wedge Could Flip the Short-Term Script
Zooming into the short-term, Ali Martinez spotted something else—a falling wedge pattern on DOGE’s 1-hour chart. That’s typically a bullish setup. If DOGE can break above the $0.229 to $0.230 zone, it could aim for $0.265. But if it falls through $0.215 or worse, $0.210? Might get a bit messier before it gets better.
Meanwhile, big wallets seem unfazed. Some whales bought the dip, scooping up over 310 million DOGE. Bit Origin, a major digital asset firm, even dropped in for 40 million of those coins as part of a larger $500 million diversification move.
A Deeper Accumulation Phase?
The broader crypto market’s been on edge lately, thanks to inflation jitters and stock market wobbles. Still, DOGE’s stuck to its long-term trend, and institutional interest doesn’t seem to be slowing. If anything, this correction might just be another reload before the next leg up.
The post Dogecoin Drops, But Bulls Might Not Be Done Yet first appeared on BlockNews.
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Dogecoin Drops, But Bulls Might Not Be Done Yet
- DOGE slid 5% in 24 hours, down to $0.20, but volume spiked to 1.25B DOGE during the drop.
- Technicals still favor a long-term uptrend, with whales buying the dip.
- A breakout above $0.23 could shift momentum fast—$0.265 would be the next stop.
Dogecoin took a pretty sharp hit in the past 24 hours—sliding nearly 5% from around $0.22 to touch $0.20. That’s the biggest intraday drop for DOGE this month. It had been flirting with $0.23 earlier but couldn’t hold the line, running into some heavy resistance and aggressive sellers. Over the last week, it’s down about 10%, and the market cap has dropped to $31 billion. But despite the dip, some chart watchers aren’t too worried just yet.
Volume Spikes as Liquidations Hit
Weird thing is, even though the price dropped, DOGE’s on-chain volume went wild. Activity spiked to over 1.25 billion DOGE—mostly around midnight. Analysts think it was caused by a wave of liquidations and stop-losses getting triggered all at once. That cascade may have set off a chain reaction, with bots and traders all hitting the exits at the same time.
Long-Term Channel Still Holding Up
According to Trader Tardigrade, DOGE is still cruising inside its long-term upward channel—the one that dates all the way back to 2014. That channel has acted like a springboard in the past, especially near its lower edge. Right now, Dogecoin’s hanging out in the lower-mid zone of that channel, which has historically meant “accumulation before lift-off.”
Even more interesting? The last few monthly candles have all been bullish engulfing ones. Tardigrade called this a possible setup for the next breakout, jokingly dubbing it the path “to Valhalla.” So yeah, things aren’t all doom and gloom.
Falling Wedge Could Flip the Short-Term Script
Zooming into the short-term, Ali Martinez spotted something else—a falling wedge pattern on DOGE’s 1-hour chart. That’s typically a bullish setup. If DOGE can break above the $0.229 to $0.230 zone, it could aim for $0.265. But if it falls through $0.215 or worse, $0.210? Might get a bit messier before it gets better.
Meanwhile, big wallets seem unfazed. Some whales bought the dip, scooping up over 310 million DOGE. Bit Origin, a major digital asset firm, even dropped in for 40 million of those coins as part of a larger $500 million diversification move.
A Deeper Accumulation Phase?
The broader crypto market’s been on edge lately, thanks to inflation jitters and stock market wobbles. Still, DOGE’s stuck to its long-term trend, and institutional interest doesn’t seem to be slowing. If anything, this correction might just be another reload before the next leg up.
The post Dogecoin Drops, But Bulls Might Not Be Done Yet first appeared on BlockNews.
Read More