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According to data from the on-chain analytics platform In the blockDogecoin reports 7.72 billion Dogecoin in significant trading volume, an indicator that denotes whale activity.
Large trading volumes for Dogecoin amounted to 7.72 billion Dogecoin, or $1.23 billion in 24 hours. This figure, although impressive, nevertheless marks a decrease of 33.39% over this period.
THE Dogecoin Price was trading in the red, posting significant losses over the past 24 hours. At the time of writing, DOGE was down 5.03% on a daily basis to $0.152 as the market continued to face a sell-off.
Bitcoin (BTC) fell approximately 2% in the past 24 hours due to continued profit-taking that continued through the weekend, causing a broader market pullback that resulted in the liquidation of over 235 million betting dollars. A total of $194.77 million represented long liquidations or bets against lower prices, of which Dogecoin saw $8.59 million.
Likewise, the closely watched Fear and Greed Index, a cryptocurrency market sentiment and volatility tracker, is currently showing “greed,” implying that prices could fall.
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The index attempts to quantify emotional reactions in the cryptocurrency market, suggesting that extreme fear can indicate buying opportunities, while extreme greed can indicate an impending market correction.
What’s Next for Dogecoin Price?
Dogecoin’s failure to rise above $0.18 on October 29 prompted short-term traders to book profits. Since that day, Dogecoin has marked four out of five days in red.
Despite profit taking, Dogecoin is up 11% each week. As things stand, Dogecoin is struggling to stay above $0.15. A strong comeback from $0.15 could indicate that the bulls have flipped the level towards support. Buyers could make another attempt to push Dogecoin above $0.18. If this happens, Dogecoin could reach $0.21.
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However, if DOGE price falls below $0.14 in the near term, this favorable outlook could be invalidated. The 50-day SMA at $0.12 should provide the next level of downside support.