- Dogecoin (DOGE) faces turbulence amid broader market trends and geopolitical tensions.
- Whale activity remains strong, suggesting bullish sentiment despite profit-taking.
- Dogecoin addresses surged by 72% last week, with 19,630 new addresses created yesterday.
- Dogecoin broke out of a Falling Wedge pattern but faces key resistance for further upward movement.
Dogecoin (DOGE) is experiencing significant turbulence, reflecting broader market trends influenced by geopolitical tensions, particularly between Israel and Iran. This uncertainty has contributed to a downturn across the cryptocurrency landscape, with Bitcoin recently falling to $62,000 and altcoins, including DOGE, suffering deep declines.
As of the latest data, DOGE is priced at $0.107903, with a staggering 24-hour trading volume of $52.66 billion. Its market capitalization stands at $15.77 billion. However, DOGE has seen a sharp decrease of 8.81% in the last 24 hours, echoing the overall bearish sentiment in the market.
Dogecoin Whale Activity Signals Ongoing Interest
Despite these troubling figures, there are signs of resilience within the Dogecoin network. According to data from Santiment, DOGE has retraced by 18% from its peak just this past Saturday. Interestingly, on-chain activity suggests that large holders, or “whales,” may still have bullish sentiment for the popular meme coin.
Although these whales took profits just before Dogecoin reached its recent highs, their ongoing activity on the network indicates that they remain engaged with the asset.
Further bolstering the growth narrative, analyst Ali Martinez noted a remarkable surge in the Dogecoin network. Over the past week, there has been a 72% increase in the number of new DOGE addresses, with 19,630 new addresses created just yesterday. This spike in new users could signify continued interest and potential for future price recovery despite the current declines.
Dogecoin Breaks Falling Wedge Pattern, Faces Key Resistance
From a technical standpoint, DOGE has recently broken out of a Falling Wedge pattern, suggesting a possible short-term pump. However, it has faced rejection at a critical horizontal resistance level, which now represents a significant barrier for upward movement. Breaking through this resistance will be essential for DOGE to regain its bullish momentum.
However, while DOGE is currently facing challenges alongside the broader cryptocurrency market, its network’s growth and continued whale activity may suggest a more optimistic outlook. Investors will be keenly watching for any signs of recovery as they navigate these turbulent waters.
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