Has Dogecoin (DOGE) Reached Its Bottom?

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According to CoinMarketCap data, at the time of writing, the price of Dogecoin is $0.3163, having dropped 1.16% in the past 24 hours. Although the price remains in a downtrend, Dogecoin has rebounded from its lowest point in the past 24 hours, indicating that a bottom may be gradually forming.

Dogecoin Price Trend

The price of Dogecoin has fallen from a high of $0.3214 to $0.3097. Although it has established strong support at the key level of $0.3, the speed of the rebound remains slow. Observing the seven-day chart, $0.3097 has become the current low, suggesting that this price level may be the bottom of the current cycle.

If this prediction holds true, the next focus will be to continuously monitor trading activity around this support price level. Once the market stabilizes, this price level may become a new support area, driving the recovery of Dogecoin.

Dogecoin Whale Activity

Against the backdrop of falling prices, trading activity among Dogecoin whales remains active. According to data from IntoTheBlock, in the past 24 hours, large transaction volumes have increased by 41%, with total transactions exceeding $23 billion. The active trading among whales indicates that market participants are still paying attention to Dogecoin's potential, even during price corrections.

These intense trading activities and their concentration around the $0.3 area may create conditions for a rebound in Dogecoin in the medium term. If the support level is solid, the price may oscillate within this range and eventually find upward momentum.

Although Dogecoin has not completely escaped its difficulties, the strong support established around $0.3 and the active trading among whales may suggest that the bottom for this cryptocurrency is gradually forming. Investors should closely monitor these key price areas, especially the movements near the price level of $0.3097. If it can break through or maintain within this range, the rebound potential for Dogecoin will significantly increase.

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