The market volatility is still ongoing, and the price of BTC has dropped to the level of $27200 before rebounding to $27500. Despite a rebound in prices, counterfeit coins did not benefit as they have been experiencing similar trends and continue to hit new lows
The market volatility is still ongoing, and the price of BTC has dropped to the level of $27200 before rebounding to $27500. Despite a rebound in prices, counterfeit coins did not benefit as they have been experiencing similar trends and continue to hit new lows.
Current DOGE comments
As mentioned earlier, due to the support of futures contracts, the price of Dogcoin (DOGE) has been maintained around $0.06. According to Coinalyze's data, the open position is currently $222 million, a decrease of 4.27% in the past 24 hours. In addition, the liquidation amount is 1.7 million US dollars. The price dropped to $0.058, and the support area is about to lose.
The significant sell-off of K workers and the weakening of futures contract support have led to the loss of key price support areas for the price of dog coins. As mentioned earlier, this situation may lead to further price drops to lower levels.
With the fluctuation of Bitcoin (BTC) prices, the counterfeit currency market has suffered some shocks, resulting in the Bitcoin market share (BTCD) climbing to 50.3%. This growth in market share is not conducive to other cryptocurrencies, especially for counterfeit currencies such as Dogcoin. Although the cumulative trading volume has increased by 60% to $27 billion, the increase in Bitcoin trading volume has exceeded 150%. However, considering the decline in prices, this growth may be supported by sellers.
Will dog coins rise?
As oil prices rebound to $88 and geopolitical issues raise market concerns, some cryptocurrencies, especially memes such as Dogcoin, may face uncertainty. The price of DOGE is currently losing support at $0.059. If DOGE continues to decline and close below this level, investors may see lower prices, such as $0.055 or $0.05.
In the context of a decline in Bitcoin prices, if a large-scale sell-off occurs, DOGE may also fall to $0.035, which may be seen as the bottom price for 2023. At the same time, the ongoing conflict between Israel and Palestine, as well as the previously announced reduction in oil production, have pushed up oil prices and heightened concerns about inflation. Therefore, the price decline of DOGE may be indirectly related to oil prices, as these factors are all affecting market sentiment and investor confidence.
If the daily closing price of DOGE can remain at a support level of $0.06 or above, investors can still maintain a certain level of optimism. The stability of this price level may indicate that the market is still confident in DOGE and is expected to support further price increases.
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