Dge lost its critical support of $ 0.30 and is shaped as a new bottom point of $ 0.23. The fact that large investors avoid purchasing suggests that breast Coin may lose more value.
Is it possible for the price of dogecoin to fall hard again while abstaining whales?
Dogecoin’s decline from $ 0.48 eliminated its significant levels of support one by one. Currently, the level of $ 0.23 stands out as a critical threshold.
Looking at the graphics, it can be said that this possibility is strong. During the peak of Dogecoin, the volume of transaction showed a great increase. Especially in the election process, similar to the rise in the election process, the volume of more than $ 7 billion drew attention. However, this time the volume of the transaction does not continue in a steady way. This once again demonstrates the high volatility of Doge.
On the other hand, price movements began to follow a similar course with Bitcoin. This shows that Dogecoin needs a general market recovery in order to rise again. The current hesitation can be a harbinger of a potential rise. But can Dogge maintain its decline by reversing expectations?
Risks that Doge faces
Dgecoin’s social media interaction has been significantly reduced since December. The social volume, which was 2 %in December, is currently fell to 1.23 %.
Large investors also avoid purchasing. This strengthens the possibility that the price may not have seen the bottom level yet.
In addition, the recovery of Doge depends on the situation of the general market, since the current uncertainty increases the volatility of the being.
After the total market value of all breast coins reached 72 billion dollars, it decreased to $ 70 billion with a 2 %decrease. This shows that investors target short -term earnings instead of keeping long -term.
All these factors draw a negative picture for Dogecoin. If the market conditions do not change, Dogge may also go below the $ 0.23 level and have to look for a new support point.
