A few hours ago, the price of Bitcoin fell below $35000 and is currently attempting to recover after testing its recent support level. Meanwhile, the current trading price of DOGE is $0
A few hours ago, the price of Bitcoin fell below $35000 and is currently attempting to recover after testing its recent support level. Meanwhile, the current trading price of DOGE is $0.068. The market has experienced some fluctuations and minor adjustments, so what is the current situation for investors in Dogcoin and what aspects should they pay attention to?
DOGE
On chain data shows that from November 27th to early December, whale activity increased from 790 to 1090. This may be due to the overall market sentiment and celebration activities surrounding DOGE. During the same period last year, DOE whale activity increased by approximately 450%. The 2022 DOGE Day celebration resulted in a 100% increase in prices from $0.060. Of course, we should not forget the influence of Elon Musk and Twitter sales factors.
So, what about the dog coin miner? From October 25th to November 1st, miners suspended selling and accumulated 40 million DOGE. We have previously mentioned that due to the significant sell-off of DOE mining machines, prices may not increase significantly in the medium term. The fact proves that this is true, and the 40 million DOGE purchased by the miners did not have a significant impact on the price.
Miners who have accumulated only $2.8 million may still believe that prices may fall to a more reasonable level. Of course, we need to monitor how long the accumulation will last. If fundraising continues, the resistance level will weaken as selling pressure decreases, and small investors will be encouraged to buy.
The Future of DOGE Price
What will happen to the price of DOGE in an environment where miners pause selling and start hoarding, and whale risk appetite rises again? At present, the overly optimistic approach seems unfounded. In addition, Musk's withdrawal of support and almost certainly excluding dog coins from Twitter payment services have eliminated positive external factors.
The key level of the DOGE price is $0.069, which has now fallen. The price has dropped to $0.065, and if the selling continues, it may return to $0.06.
On the daily chart, closing below $0.067 indicates that selling pressure may continue to reach $0.064 and $0.0616.
As prices attempt to re-enter the parallel channel formed in August, bulls face a daunting task.
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