Dogecoin has lost 10% in seven days after losing an additional 2% in the last 24 hours. However, the analysis of the graphics indicates an additional drop in drop.
A four -month upward trend that saw Doge reached a summit of $ 0.46 in December 2024 disappeared and gave way to a lower perspective that seeks to crush the highest meme piece below $ 0.30.
The trading early in the morning on Wednesday, January 29, confirmed the Baisier towards Doge when its intraday negotiation price tested the level of critical support of $ 0.31. The discouraging start of the day was the culmination of a downward -down trend of one week which saw the price price of more than 10%, according to data from Coinmarketcap.
The Histogram of Divergence of Mobile Average Convergence (MacD) which has printed deep bars below zero throughout the week confirms the downward tendency of Doge. The RSI indicator also remained much less than 50, indicating a stronger momentum towards a drop -down price action.
If the Bulls fail to defend the level of critical support of $ 0.31, forecaster Expect the price of Dogecoin to drop by an additional 16% to find new support around $ 0.26, which represents a drop of 20 cents compared to the summits of December.
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To appease fears of a lower momentum, Doge should resume the price level of $ 0.40. A rupture above this level of resistance would revive the bullish feeling and would put the piece of ignorance for an action at a significant increase.
Whales accumulate 490 million Doges on the decline
In the middle of the hindsight, the whales actively accumulated the play of popular memes.
Convincing data shared by a superior cryptography analyst, Ali Martinez, show that these major holders have bought more than 460 million Doges in recent days.
Historically, such purchase pressure signals an underlying force In cryptographic assets and a conviction, he is ready for an upward trend.