SNEAK PEEK
- Elon Musk’s tweets continue to have a significant impact on the price of DOGE.
- The logo change from Bluebird to Dog led to a 30% price increase while changing back to Bluebird caused a 6% decrease.
- Two major DOGE holders sold off a substantial amount of their holdings amounting to 1.4B $DOGE ($121M).
The volatility of cryptocurrency prices was on full display during the period of April 4th to April 7th, as the price of DOGE saw significant fluctuations in response to Musk’s decision to change the DOGE logo. On April 4, Musk changed the DOGE logo from a bluebird to a dog, which resulted in a price increase of around 30%. However, just three days later, he changed the logo back to Bluebird, causing the price of DOGE to decrease by roughly 6%.
In addition to the price fluctuations, two major DOGE holders also sold off a significant amount of their holdings during this period. The fifth holder, known as (DDuX), sold off 1.1 billion DOGE, worth approximately $95.2 million at the time. The third holder, D8ZE, sold off 300 million DOGE, valued at roughly $28.6 million.
While it’s unclear what specific factors influenced the decisions of these two DOGE whales to sell off their holdings, it’s possible that they were influenced by Musk’s tweet and the subsequent price fluctuations. The influence of Musk on DOGE’s price is well documented, and his tweets have caused significant price swings in the past.
Dogecoin Price Analysis
The latest Dogecoin price analysis shows that DOGE is trading on a bearish trend, with the value declining over 10 percent in the past 24 hours. The selling pressure on the DOGE/USD pair has been gathering momentum lately with a bearish sentiment in the market.
The market opened trading at a high level of $0.0910, and the buying pressure was not able to sustain itself as the bears took over. The support level for the DOGE/USD pair is currently seen at $0.0831, and if bearishness persists, the pair might break below this level.
The resistance for DOGE/USD is seen at $0.0923, and if the bulls manage to push back against the bears, DOGE may be able to breach this level and surge again in value. The buying and selling pressure on the pair will determine which way DOGE goes in the near future.
The market capitalization of DOGE is currently standing at $11.4 billion, with the 24-hour volume traded amounting to around $1.42 billion. The coin has managed to cover a total of 138 DOGE in circulation, thus making it one of the top digital assets.
On the 24-hour chart, DOGE has formed a bearish flag pattern, which is an indication of bearishness in the market. The bears are leading the way, and if the support level is not able to hold, it may lead to a further devaluation in the price. DOGE has been trading in the range of $0.8300 and $0.9200, unable to make any significant move in value on either side.
The technical indicators on this timeframe confirm a bearish sentiment. The Relative Strength Index (RSI) shows an overall bearish sentiment as it has sharply declined from the 70-level to 51.80. There may be a need for some buying pressure to push back against the current selling trend to see any bullish activity.
Moreover, the Moving Average Convergence Divergence (MACD) is also in the bearish camp. The MACD line is moving towards the signal line, with the green bars on the histogram becoming shorter. This is an indication that the bearish momentum is increasing. The moving average (MA) too is in a downtrend, as the red candlesticks on the chart have been consistently displaying bearishness in the market.
In conclusion, the Dogecoin price analysis is currently facing a bearish sentiment due to a lack of buying pressure in the market. The selling pressure has been quite strong today, with the price dropping over 10 percent in the last 24 hours. DOGE needs to stay above the $0.8000 mark to be held for any potential bullish movement, or else the coin may suffer from further devaluation.
Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.
