Binance Square
LIVE
LIVE
Crypto Web3 Today
Bullish
--ใƒป10.7k views
Dogecoin (DOGE) Hits Enormous 5.6 Billion Support. Dogecoin saw a significant support level emerging, marked by a massive 5.6 billion DOGE that could play a role in determining the asset's future trajectory. Analyzing Dogecoin's current position. As observed on the latest charts, Dogecoin has been wrestling with a bearish trend but is now approaching a robust support level. This level, characterized by a substantial volume of Dogecoin, represents a point where historical buying interest has been strong enough to prevent further price declines. The presence of such a significant support zone suggests that there is potential for a reversal if the sentiment and market conditions align favorably. The chart shows Dogecoin trading below the 50-day and 100-day EMAs, indicating a current bearish bias in the short to midterm. However, the proximity to the major support zone could be an important factor in a reversal rally. This support level, reinforced by a high concentration of buy orders in the past, offers a glimmer of hope for bullish Dogecoin investors. Moreover, the RSI, a momentum oscillator that measures the speed and change of price movements, is hovering near the 44.4 mark. This level is close to the oversold territory, which typically suggests that an asset might be underbought and could be due for a potential rebound. Volume analysis further complements the picture, showing fluctuating trade volumes as Dogecoin approaches this critical support level. A spike in trading volume around this point could indicate growing interest from traders anticipating the asset to bounce back from these lows. If Dogecoin manages to maintain its stance above this significant support level and volume increases, there could be enough buying pressure to propel the price upwards, challenging higher resistance levels.

Dogecoin (DOGE) Hits Enormous 5.6 Billion Support.

Dogecoin saw a significant support level emerging, marked by a massive 5.6 billion DOGE that could play a role in determining the asset's future trajectory.

Analyzing Dogecoin's current position.

As observed on the latest charts, Dogecoin has been wrestling with a bearish trend but is now approaching a robust support level. This level, characterized by a substantial volume of Dogecoin, represents a point where historical buying interest has been strong enough to prevent further price declines. The presence of such a significant support zone suggests that there is potential for a reversal if the sentiment and market conditions align favorably.

The chart shows Dogecoin trading below the 50-day and 100-day EMAs, indicating a current bearish bias in the short to midterm. However, the proximity to the major support zone could be an important factor in a reversal rally. This support level, reinforced by a high concentration of buy orders in the past, offers a glimmer of hope for bullish Dogecoin investors.

Moreover, the RSI, a momentum oscillator that measures the speed and change of price movements, is hovering near the 44.4 mark. This level is close to the oversold territory, which typically suggests that an asset might be underbought and could be due for a potential rebound.

Volume analysis further complements the picture, showing fluctuating trade volumes as Dogecoin approaches this critical support level. A spike in trading volume around this point could indicate growing interest from traders anticipating the asset to bounce back from these lows.

If Dogecoin manages to maintain its stance

above this significant support level and

volume increases, there could be enough

buying pressure to propel the price

upwards, challenging higher resistance

levels.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content.ย See T&Cs.
0
Explore the lastest crypto news
โšก๏ธ Be a part of the latests discussions in crypto
๐Ÿ’ฌ Interact with your favorite creators
๐Ÿ‘ Enjoy content that interests you
Email / Phone number
Relevant Creator
LIVE
@Crypto_Web3_Today

Explore More From Creator

--
Ethereum ETF Funds Drive Bitcoin and Ethereum Prices Higher. Developments in Ethereum ETF funds triggered a rise in Bitcoin and Ethereum prices, and notable developments continue to occur in this process. Accordingly, the monthly trading volumes of Chicago Exchange options related to Ethereum futures reached an all-time high this month. What can be expected for Ethereum in the upcoming period? Let's examine it together. New Record on the Ethereum Front. According to data from the blockchain data analysis platform The Block Data Dashboard, the trading volume of options related to Ethereum futures on CME reached $1.26 billion in May, two days before the end of the month. This development represents a significant increase compared to the $615.75 million volume in April and reaches a record level in terms of monthly trading volume. According to the Wintermute market update on May 29, the amount of outstanding Ethereum futures contracts on CME is approaching its highest level ever. Wintermute analysts suggested that this increase in open positions indicates that institutional investors are increasingly interested in Ethereum transactions instead of Bitcoin, with the expectation that spot Ethereum ETF funds will be launched soon, and experts shared the following statements: "Ethereum's CME open position is approaching all-time highs, indicating institutional interest in the ETH/BTC pair ahead of S-1 filings and the final launch.โ€ Notable Statement from Analysts. According to Wintermute analysts, Ethereum's implied volatility, which measures market expectations for future volatility over specific time periods based on option prices, has seen a significant increase due to rising expectations of significant price movements, and analysts shared the following statements: "Significant increases were observed in 1-week, 1-month, 3- month, and 6-month at-the- money (ATM) implied volatilities." According to Tradingview data, Ethereum's price dropped by over 2.2% in the last 24 hours and was trading at $3,794 at the time of writing.
--
Cardano (ADA) Makes Epic Top 10 Comeback, Leaving SHIB and TON in Dust. The popular cryptocurrency Cardano (ADA) has reentered the top 10 crypto assets by market capitalization in what may be considered a story of stability and anomaly. Thus, according to data from CoinMarketCap, Cardano, with a capitalization of $16.44 billion, took ninth place in the top ten, followed by Shiba Inu (SHIB), with a capitalization of $16.13 billion, in tenth place, and then Toncoin (TON), with an estimated market capitalization of $15.65 billion. It is noteworthy that a few hours earlier, Cardano token had relinquished its position in the top 10, when Shiba Inu (SHIB) overtook ADA amid a surge in cryptocurrency meme prices and a decline in the price of Cardano token. Meanwhile, TON was already ranked in the top 10 when its market capitalization was reduced from $22.65 billion to $15.66 billion, with no fluctuation in price. The reason for the adjustment of TON's figure is unclear. However, it is evident that this had a positive impact on Cardano. In contrast, the situation with SHIB is more straightforward. Here, the price of the Shiba Inu token experienced a decline, resulting in a drop in its ranking. It is curious to note that, despite the apparent lack of interest in the ADA token and the assertion that it is an unnecessary "ghost chain," the Cardano token continues to occupy a position of prominence within the cryptocurrency landscape. Its resilience, even at current price levels, is sufficient to place it as the ninth largest cryptocurrency on the market, with an estimated capitalization of several trillion dollars.
--
Shiba Inu (SHIB) Pens Open Challenge to PEPE. Shiba Inu (SHIB) is riding high on its bullish momentum as meme coins across the board see an increase in market performance. The dog-themed meme coin currently holds the leading position in recent gains, with PEPE trailing behind. Shiba Inu's playful taunt. In a recent post on SHIB's official X handle, Shiba Inu humorously dismissed potential challengers, asserting its dominance and suggesting that competitors can vie for second place. SHIB stated: Industry stakeholders consider the mention of "amphibians" a lighthearted jab at PEPE, indicating SHIB's confidence in holding its top position amid growing competition. Interestingly, the post was a reply to an earlier one by Poloniex Exchange, asking users whether their preferred meme coin is PEPE or SHIB. SHIB's market performance vs. PEPE Notably, Shiba Inu's market performance has captivated the broader crypto market after a 12.7% spike that saw it dethrone Cardano from the elite top 10. This sparked optimism in the SHIB ecosystem that Shiba Inu appears ready to clear one zero from its price with its growth rate. According to CoinMarketCap data, Shiba Inu is currently priced at $0.00002708, up 5.56% in the past 24 hours. The price rally saw the comeback of enigmatic SHIB lead developer Shytoshi Kusama return to social media with a cryptic bullish post on X after his silence for about a week. Meanwhile, PEPE witnessed a massive surge in its valuation, setting it up for a potential sell-off by market whales. However, despite soaring by 2.15% to $0.00001654, backed by a more than 75% surge in the trailing seven-day period, it was not enough to earn it first place, held by Dogecoin, and second place, held by SHIB. Regardless, members of the frog-themed meme coin community are optimistic about further growth and are determined to make the best of a bullish market.
--
Sitemap
Cookie Preferences
Platform T&Cs