Dogecoin Down 25% In Past Week, But 'If You Get A Chance To Buy It In The High $0.10s, Buy It,' Says Trader
Portfolio Pulse from Khyathi Dalal
Dogecoin (CRYPTO: DOGE) experienced a 25% drop over the past week, leading traders to suggest buying opportunities in the high $0.10s. Influential traders highlighted a key resistance level at $0.17, suggesting a potential reversal if this level is breached with strong market acceptance. Despite the drop, 82% of Dogecoin holders remain in profit, though the coin's ranking slipped from eighth to ninth. Market data shows a decrease in daily active addresses and large transaction volume, indicating a cooling period that could precede a consolidation phase.
April 15, 2024 | 6:17 pm
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Dogecoin's 25% price drop and subsequent trading advice from influential traders suggest a volatile short-term outlook with potential for recovery if key resistance levels are breached.
The 25% drop in Dogecoin's price has led to a mixed short-term outlook. Influential traders' advice to buy at low points suggests optimism for a price rebound, especially if the $0.17 resistance level is surpassed. However, the decrease in daily active addresses and large transaction volumes indicates a cooling market, which could temper short-term gains. The overall sentiment remains bullish, but the market's response to these levels will be crucial in determining Dogecoin's short-term price movement.
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