Dogecoin's 5% Loss Closes Lowest Weekly Candle In 2 Months, But This Trader 'Wouldn't Be Holding If It Was All Over'
Portfolio Pulse from Khyathi Dalal
Dogecoin (DOGE) experienced a 5.6% decline, closing its lowest weekly candle in two months, with a trader suggesting a potential retest of the $0.125 to $0.13 support level. Despite short-term bearish or choppy expectations, the trader remains optimistic about Dogecoin's long-term growth. Trading volume increased by 13.2%, and despite a 33.5% monthly loss, 80% of holders remain in profit. Large transaction volume surged by 19.6%, and wallet activity shows sustained interest.
April 29, 2024 | 12:41 pm
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NEGATIVE IMPACT
Dogecoin's price fell by 5.6%, closing its lowest weekly candle in two months, with expectations of testing the $0.125 to $0.13 support level. Despite this, there's optimism for long-term growth.
The immediate bearish or choppy outlook based on the trader's analysis, combined with the recent price decline and the potential testing of a crucial support level, suggests a negative short-term impact on Dogecoin's price. However, the long-term optimism and increased trading volume indicate sustained interest, which could mitigate some of the short-term negative effects.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100