The DOGE indicator confirms that it is not in a profitable state. However, this also means that investors can seize the opportunity to buy on dips, but what are the risks?With the sharp decline in trading volume, the activity of dog coins has significantly decreased
The DOGE indicator confirms that it is not in a profitable state. However, this also means that investors can seize the opportunity to buy on dips, but what are the risks?
- With the sharp decline in trading volume, the activity of dog coins has significantly decreased.
- Bulls have the opportunity to gain a healthy entry point, but demand remains low.
Dogcoin fans have been hoping to rebound from the low points of the past two months. Unfortunately, the recent lack of demand has led to more surrender,Falling below the 0.06 support level on the 9th indicates that the air has the upper hand and must stand firm at the 0.055 support level in order to reverse.
So far, what we can see is the Spacedog Weekly Line. The monthly line has already risen, and the daily correction is basically in place. Some profit makers are out, while some newcomers are in. After a while of consolidation, we can start to rise again,The bottom can be locatedFrom 0.049 to 0.055, enter the range and defend below 0.049 to gain profit space.
According to the latest analysis of Dogcoin by IntoTheBlock, the number of active transactions involving memes has significantly decreased in the past four months. In the long run, the average daily trading volume of DOGE in June exceeded 2.1 million transactions. Since then, the number has dropped to below 38000 transactions per day.
The significant decrease in trading volume of dog coins can be clearly seen from its performance. At present, its price is 0.058 US dollars, which has dropped by 6% in the past 7 days. However, the sharp drop in prices did ultimately retest the current price positionStable support of $0.055.
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Can Dog Coin bulls take advantage of discounts?
.Mean Coin .
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. (MVRV) -30.6% DOGE . MVRV 2022 10 12 .
MVRV DOGE..
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