According to U.Today, Arthur Hayes, a prominent figure in the cryptocurrency industry, has revealed his intention to purchase Dogecoin amidst the current volatile market. He also plans to add PENDLE to his portfolio. At present, Dogecoin is trading around $0.1249, having experienced a decline and crossed several significant moving averages, including the 200-day EMA and the 50-day EMA.
Dogecoin has been struggling to find solid support due to this bearish trend. The breaking of the 200-day EMA, often seen as a key support level, could lead to increased selling pressure. The relative strength index (RSI) shows that Dogecoin is trading near 32, which might be the reason behind Hayes' decision to buy at this time.
The selling may have reached its peak, suggesting a potential recovery could be on the horizon. Trading activity has also seen an increase, indicating that more investors are entering the market at these lower price points. Increased volume often signals a reversal, especially when the asset is in oversold territory.
Hayes' decision to buy Dogecoin at this time could be a strategic move, anticipating a recovery from the oversold conditions. If Dogecoin can stabilize and find support at these levels, a return to previous resistance levels around $0.1446 and $0.1511 could be possible. Hayes' announcement could also boost market sentiment and attract more investors, potentially driving up the price.
However, it's important to note that Dogecoin's performance will be significantly influenced by the overall market conditions, which are currently not very positive.
