🚨 Dogecoin Price Falls, $15M Liquidated: Will It Bounce Back? 🚀
Dogecoin's price has dropped 📉 for two consecutive days as bearish sentiment swept through the crypto market. The largest meme coin, $DOGE, fell by 6% on January 8, hitting a low of $0.3415, its weakest level in almost a week.
📊 Key Highlights:
🔹 Trading Volume Spike: $5.26B tokens traded today, up from $3.3B on Tuesday.
🔹 Mass Liquidations: Bullish positions worth $20M liquidated Tuesday, followed by $15M Wednesday—the largest since December 19.
🔹 Caution in the Market: Positive funding rates suggest reduced demand for long positions as traders turn wary amid rising US bond yields.
🐕 What’s Next for Dogecoin?
While odds of the SEC approving a $DOGE ETF dropped 📉 to 36%, analysts believe a recovery may be on the horizon.
KrissPax, a popular crypto analyst, highlighted similarities in DOGE’s price action:
“Dogecoin rallied in November 2023, dropped, consolidated, and then surged in 2024. In November 2024, we saw the same trend—a rally, drop, and consolidation. A major move up could follow in 2025. 🚀”
📈 Technical Analysis
Despite the dip, $DOGE remains:
✅ Above the 38.2% Fibonacci retracement level.
✅ Above its 50-day and 100-day moving averages.
✅ Supported by a bullish Percentage Price Oscillator (PPO).
If momentum builds, DOGE could soar 🌟 back to its 2024 high of $0.4830 this quarter—a potential 43.50% gain from current levels! However, a bearish scenario may push it down to $0.2630, the December 20 low.
💭 Will Dogecoin reclaim its highs, or is further downside ahead? Let us know your thoughts below!
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