DOGE Price Rebounds, Here's the Analysis!
2024-10-28
Bittime - The price of Dogecoin (DOGE) saw a weekly decline of around 2%, but remains ahead of many of its competitors which are down as much as 10%.
However, thanks to a significant price spike, DOGE price rebounded and managed to pass the $0.14 level, a point that had not been touched for two months. Read this article to find out more!
DOGE Price is at the Liquidity Level
Currently, Dogecoin is at a critical point at the $0.144 liquidity level. If DOGE price manages to break through this level, it could trigger a large short liquidation.
Short liquidation occurs when long positions buy back DOGE so that it can push the price up.
This moment is very important for Dogecoin because sufficient liquidity at this level can trigger a significant increase.
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DOGE Price Rises, Other Meme Coins Lag Behind
In the previous bull cycle, when Bitcoin nearly hit $70,000, Dogecoin experienced a daily gain of more than 7%, while other meme coins struggled to gain traction, with even Ethereum (ETH) lagging behind.
Dogecoin has a long history of providing large profits during times of high volatility, and this time traders in the futures market also dominated with long positions in the last 24 hours.
Potential of DOGE Price Rally If Bitcoin Stables
If Bitcoin continues to consolidate at its current price level, the potential for significant weekly gains for major altcoins could occur. DOGE price has the potential to rally, and break through a new resistance level above $0.143.
Some traders even consider DOGE to be a more attractive option compared to other altcoins with large capitalization, especially when market risks are still quite solid.
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The Role of Whales in DOGE Price Movements
Even though the price of DOGE has the potential for a fairly large rebound, several whales, which control around 42% of the total DOGE supply or more than 66 billion DOGE, are starting to show distribution patterns.
In recent days, these whales have begun selling most of their holdings, which coincided with DOGE's price dropping by around 7%, down to as low as $0.131.
Although this massive sell-off was short-lived, Dogecoin managed to recover 4% the following day, but DOGE prices have not fully recovered from the drop.
Observing Whales Movement
Observing whale movements will be key in the next few days. If whales stop selling and instead start increasing their holdings, the price of DOGE could experience a significant increase.
Meanwhile, if distribution activity continues, this could be a signal that whales are trying to exit the market or take profit. Traders are advised to remain vigilant and consider these dynamics before investing.
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