๐จ Dogecoin Price Falls, $15M Liquidated: Will It Bounce Back? ๐
Dogecoin's price has dropped ๐ 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.
๐ Key Highlights:
๐น Trading Volume Spike: $5.26B tokens traded today, up from $3.3B on Tuesday.
๐น Mass Liquidations: Bullish positions worth $20M liquidated Tuesday, followed by $15M Wednesdayโthe largest since December 19.
๐น Caution in the Market: Positive funding rates suggest reduced demand for long positions as traders turn wary amid rising US bond yields.
๐ Whatโs Next for Dogecoin?
While odds of the SEC approving a $DOGE ETF dropped ๐ to 36%, analysts believe a recovery may be on the horizon.
KrissPax, a popular crypto analyst, highlighted similarities in DOGEโs price action:
โDogecoin rallied in November 2023, dropped, consolidated, and then surged in 2024. In November 2024, we saw the same trendโa rally, drop, and consolidation. A major move up could follow in 2025. ๐โ
๐ Technical Analysis
Despite the dip, $DOGE remains:
โ Above the 38.2% Fibonacci retracement level.
โ Above its 50-day and 100-day moving averages.
โ Supported by a bullish Percentage Price Oscillator (PPO).
If momentum builds, DOGE could soar ๐ back to its 2024 high of $0.4830 this quarterโa potential 43.50% gain from current levels! However, a bearish scenario may push it down to $0.2630, the December 20 low.
๐ญ Will Dogecoin reclaim its highs, or is further downside ahead? Let us know your thoughts below!
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