Altcoin
Will Dogecoin Price Crash 44% Amid DOGE Death Cross Pattern?
Dogecoin price is down 3% in the last 24 hours as the entire meme coin has come under pressure following the rug pull incident in LIBRA meme coin, launched by Argentinian President Javier Milei last weekend. Technical charts for DOGE flash warning signals amid the formation of a death cross pattern for DOGE MVRV. Confirming the bearish trend, a renowned analyst predicted a likely 44% crash in the top-meme coin’s value ahead.
Dogecoin Price Can Correct 44%, Says Analyst
Popular crypto analyst Ali Martinez noted that DOGE could be heading for a challenging period amid a bearish technical chart pattern. Martinez highlighted a “death cross” between Dogecoin’s Market Value to Realized Value (MVRV) ratio and its 200-day moving average (MA).
The analyst stated that historically, such chart patterns have led to significant declines, with Dogecoin price dropping 26% and 44% during the last two instances of this pattern. If this happens, DOGE could collapse all the way to $0.15 from the current levels.
Meme Coins Take A Massive Hit
Over the past weekend, the Dogecoin price has corrected 7% as the broader meme coin sector takes a major hit following the launch of Argentina’s LIBRA meme coin, which faced a massive pump and dump. Apart from top players like Dogecoin and Shiba Inu (SHIB), celebrity meme coins have taken the most hit.
Furthermore, as per the Coinglass data, the DOGE futures open interest has tanked 5.27% to $2.41 billion while the 24-hour liquidations have shot up to $3.57 million of which, $3.1 million is in long liquidations.
DOGE Traders Remain Optimistic
Despite the technical charts suggesting bearishness for Dogecoin price, traders continue to be optimistic about gains moving ahead. Furthermore, with developments around the SEC’s potential approval of a spot Dogecoin ETF, the optimism remains intact. Last week, the U.S. Securities and Exchange Commission (SEC) acknowledged the DOGE ETF filing by asset manager Grayscale raising further hopes within the crypto community.
Crypto analyst Bluntz has expressed optimism about Dogecoin (DOGE), highlighting its stability after two weeks of consolidation following a recent capitulation event. “$DOGE is looking pretty solid here, in my opinion,” Bluntz noted, adding, “If there’s one saying that’s always stuck with me, it’s never short a dull market.”
The analyst’s remarks suggest that Dogecoin’s current quiet phase could indicate potential strength, with traders keeping a close watch for future price movements.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Sui token is currently making significant rebound, outperforming top cryptocurrencies including Bitcoin, Ethereum, and XRP. While these assets are exhibiting modest gains in line with the broader market trend, the Sui price is making impressive strides, surging over 7% in a single day. This significant uptick has sparked optimism, with market analysts and experts remaining bullish on the altcoin’s potential to reach new all-time highs.
Sui Price Breaks Past Crucial Resistance, Eyes $8
Notably, Sui’s current bullish trend significantly influences traders and analysts. While traders demonstrate this optimistic view via increasing market activity, analysts express their positive predictions. For instance, market expert CryptoBullet forecasted the Sui price’s surge to a new all time-high of $8.9 in an X post.
In a one-day chart, CryptoBullet highlighted SUI’s prevailing consolidation below 0.618 Fibonacci level. Significantly, SUI has touched twice the same price level within months. Driven by past trends, CryptoBullet remains confident that the Sui price could hit new ATH breaking past this consolidation.
Increasing Daily Active Addresses: How It Impacts Token Price?
According to investor Momin, SUI looks primed for higher highs triggered by increasing daily active addresses. Reportedly, the daily active wallets hit a record high of 1.2 million, paving the way for a massive breakout in the Sui price. Acknowledging the platform’s growth, the trader wrote, “Sui Network is undeniably one of the fastest-growing chains fundamentally!”
Another trader Giannis Andreou underscored the substantial surge in Sui’s daily active wallets. Currently marked at 1,253,935, the daily active addresses increased by a staggering 135.89% over the last seven days.
Meanwhile, Quinten Francois, a prominent crypto voice on X, wrote, “SUI active addresses are exploding.” The substantial surge in Sui’s price, coupled with a growing user base, has garnered significant attention, especially considering the token’s recent 36% downturn.
Sui Price Regains Positive Momentum: Will It Sustain?
At press time, Sui is trading at $3.55, marking a significant increase of 7.9% over the last seven days. However, over the last week and month, the token has seen massive declines of 4.3% and 24.3%, respectively.
Celebrating SUI’s current positive track, traders are actively engaging in market activity. The token’s 24-hour trading has seen a notable uptick of 15.44%, reaching $1.03 billion. Furthermore, SUI has achieved a milestone of over 8.5 billion total transactions, marking a notable 10.37% increase over the past 30 days. With a market cap of $10.67 billion, Sui has secured 12th spot on CoinMarketCap.
Although analysts see a massive surge ahead, it needs to be seen if SUI will sustain the current momentum and gain new highs.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The latest Dogecoin whale data rattled the crypto market on Friday, flagging massive accumulations amid the meme coin’s recent price dip. Renowned market analyst Ali Martinez revealed that whales bought a whopping 110 million DOGE tokens in the last 48 hours. As a response, market participants eagerly await a bullish price breakout ahead, with top analysts further projecting optimism over future price movements due to strong market technicals.
Dogecoin Whales Scoop Up Heavily Near $0.25 Price Level
In an X post shared by analyst Ali Martinez on February 21, it can be seen that Dogecoin whales bought 110 million tokens in the past two days. These accumulations occurred as the meme coin hovered around the $0.25 price level.
In turn, this mark remains extensively gauged by market participants as it could carve out a vital support level ahead. Another report by CoinGape previously revealed that DOGE whales did not sell massive amounts when the coin moved around $0.25. The upshot remains that investors eye considerable gains for the dog-themed meme coin ahead as whale data reflects strong market support.
Why Are Whales Accumulating?
Meanwhile, the current hot buzz for the dog-themed meme coin remains rising odds of an ETF approval. CoinGape reported last week that the U.S. SEC acknowledged Grayscale’s 19-b filing for Dogecoin ETF. This news appears to have substantially uplifted whale sentiment for the asset, given that an approval ahead could provide significant money influx to the token and fuel a price upswing.
However, Dogecoin price tanked nearly 6% over the week, which appears to have ushered in a ‘buy-the-dip’ sentiment among whales amid the ETF advancements.
Is DOGE Price Breakout On The Horizon? Top Analysts Bullish
DOGE price has mainly shown signs of consolidation in recent days, trading up nearly 1% intraday to $0.2564. The meme coin hit a bottom and peak of $0.2505 and $0.2576 in the past 24 hours. Notably, it’s worth mentioning that the coin’s broader time frame volatility is primarily attributable to the crypto market’s turbulent trend.
However, market analysts have projected a bullish outlook ahead, sparking market optimism in tandem with rising Dogecoin whale buying. Analyst ‘Trader Tardigrade’ recently took to X, revealing that the coin’s price chart shows a ‘symmetrical triangle’ pattern. This metric indicates that the token is consolidating whilst a breakout awaits.
Given the massive whale buying, the chances of the analyst’s projection getting true gained substantial weight. Also, another renowned trader, ‘Altcoin Scholar,’ revealed on X that the $0.22 price level remains a strong support zone for the meme coin. A sustained break above this level solidifies the chances of further gains.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum Falls 5% Following $1.5 Billion Bybit Hack
Ripple Vs SEC Lawsuit May Take Longer To Settle Than Coinbase, Expert Warns
FARTCOIN, POPCAT Decline, BRETT Rallies
ConsenSys Submits Letter to SEC on DeFi Rule Amendment Concerns
PI Surges, CZ Comments, Safe Denies Breach
Extremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Regulation7 hours agoCoinbase scores major win as SEC set to drop lawsuit
-
Ethereum21 hours agoEthereum Could Target $3,000 Once It Breaks Current Supply Levels – Analyst
-
Market22 hours agoAnalyst Says PEPE Price Must Break This Resistance Level For 150% Surge Toward ATHs
-
Ethereum22 hours agoBig Players Keep Buying Ethereum – Whales Accumulate 430,000 ETH In 72 Hours
-
Market21 hours agoKAITO Price Attempts Recovery as Top Holders Exit Post-Airdrop
-
Altcoin21 hours agoCan Shiba Inu Price Surge 422%? This Pattern Signal SHIB New All-Time High
-
Bitcoin15 hours ago$2 Billion Bitcoin, Ethereum Options Expiry Signals Market Volatility
-
Market20 hours agoButerin Wants Devconnect in Argentina After the LIBRA Scandal
✓ Share: