Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Dogecoin Should Reclaim $0.11 Soon Otherwise This Will Happen—Analyst

Source Newsbtc

Dogecoin (DOGE), the meme-based cryptocurrency, has recently seen a sharp decline in price following a short rally to $0.12 last week.

Amid this plunge in price performance, prominent crypto analyst Ali has identified key levels where its price needs to be reclaimed real soon, or there will be negative consequences.

Dogecoin: Reclaim $0.11 Or What?

In a recent post on Elon Musk’s social media platform X, Ali highlighted the importance of the $0.11 price mark for Dogecoin, noting that approximately 60,210 addresses had purchased around 36.40 billion DOGE tokens at this level.

Dogecoin in/out of the money around price

He explained that these addresses represent significant support, and if the price remains below $0.11, holders might become increasingly inclined to sell their assets to mitigate potential losses. This selling pressure could accelerate DOGE’s downward trend.

60,210 addresses bought 36.40 billion $DOGE at $0.11! #Dogecoin must reclaim this level soon to sustain a bullish outlook. Otherwise, a failure to do so could lead to a sell-off as investors may seek to minimize losses. pic.twitter.com/BABwVfPGem

— Ali (@ali_charts) October 3, 2024

DOGE’s Ongoing Decline: Beginning Of Another Bearish Trend?

So far, Dogecoin has been on a downward trajectory, losing a significant portion of its gains from its recent rally. Over the past week, DOGE has dropped by 10.8%. The decline has continued into the past 24 hours, with the asset shedding 4.2% of its value, currently trading at around $0.1019.

Dogecoin (DOGE) price chart on TradingView

This price drop has directly impacted DOGE’s market capitalization, falling from over $17 billion last Thursday to around $14.9 billion today. Alongside this, the 24-hour trading volume for DOGE has also seen a noticeable decrease, from $1.4 billion last Thursday to just above $1 billion.

While many in the crypto community are panicking concerning this bloodbath, analysts have continued to share their outlook and remain optimistic.

For instance, Trader Tardigrade, a popular crypto analyst, in a recent post on X, suggested that the recent dip in Dogecoin’s price may be a “retest” of its descending trendline following a recent breakout.

According to Tardigrade, Dogecoin’s relative strength index (RSI), which measures the magnitude of recent price changes, shows a lower low while DOGE maintains a higher low position.

According to technical analysis, this divergence could indicate a possible trend reversal in favor of a bullish move. Tardigrade concluded the post with advice noting: “Understand the TA [technical analysis], and you won’t be shaken out.”

Featured image created with DALL-E, Chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Author FXStreet

Yesterday 01: 16

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Yesterday 06: 34

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

3 hours ago

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Popular Symbols