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In a major movement, whales took advantage of the recent slowdown in the market to acquire large amounts of cryptocurrencies.
Cryptocurrency on the theme of dogs, MastiffBenefits from this trend, with major holders called whales that collect its recent dip. According to the Crypto analyst Ali“Whales bought 460 million Dogecoin (DOGE) in the recent price drop.”
The recent drop in the market has pushed Dogecoin at lower levels, making it an attractive purchase for long -term holders who seek to acquire prices at reduced prices. Bitcoin fell below $ 99,000 early on Monday while merchants reserved profits before the first meeting of the Federal Committee for this year’s free market in the United States.
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Dogecoin also fell, diving at low $ 0.305 during yesterday’s negotiation session, extending the Sunday drop. Dogecoin began to fall after reaching peaks of $ 0.434 on January 18. Bulls tried to stop the downward trend, pushing Dogecoin to peaks of $ 0.401 on January 21, but they were quickly controlled by the Bears, and the decline started again.
The recent decline has stagnated Dogecoin under its mobile average 50 to 0.3574 $, under the place where it is currently negotiating. The first sign of force will be a break above this key level, in which Dogecoin could drop to $ 0.40, then to $ 0.43.
On the other hand, if the support at $ 0.305 fails, Dogecoin can drop to $ 0.27, then to $ 0.23.
What awaits us for cryptographic markets?
The cryptocurrencies rebounded during the early Tuesday session while investors provided for the first meeting of the year of the federal reserve when interest rate decisions are taken. Mastiff reflected this increase, up 6.47% in the last 24 hours to $ 0.334.
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Investors are looking forward to the next meeting of the Federal Open Market Committee, which will take place on Tuesday and Wednesday, and will closely monitor the Fed, the Fed makes its last monetary policy decision. However, the expectations of a drop in rates remain low, the Fed indicating at its meeting last December that only two rate drops are planned for 2025.
According to the Fedwatch Tool of the CME group, traders have evaluated more than 97% of chance that interest rates remain stable.