The volatile performance of Dogecoin’s DOGE/USD has confounded traders, but renewed demand from small and medium-sized enterprises could increase the appeal of the apex meme coin.
What Happened: According to trader Kevin, Dogecoin is down 13% in the past seven days and is in a bearish chart pattern. He predicts $0.08 as the next logical level where a “new base” could be built.
Based on this #Dogecoin The chart has some quick facts to mention. Faking a breakout of a macro downward wedge = bearish. Lost all major 1D and 4HR moving averages = bearish. The only logical next step is to revise the 0.08 cents and see if we can build a new base. pic.twitter.com/Fn1qRgIjq9
— Kevin (@Kev_Capital_TA) October 3, 2024
Bloomberg reported on Wednesday that there is a new surge in grassroots demand for Dogecoin from small businesses such as New York’s Williamsburg Pizza and University Sports Grill in Tempe, Arizona.
Also read: Dogecoin falls 2%, technical analysis says it could be worse
Crypto chart analyst Ali Martinez cited data from IntoTheBlock showing that 60,210 addresses bought 36.4 billion DOGE at $0.11, a level that memecoin needs to regain to remain bullish. said.
In another tweet, he highlighted that Dogecoin whales have purchased over 1 billion DOGE worth $108.7 million in the past 24 hours.
According to IntoTheBlock data, Dogecoin’s large transaction volume increased by 11.7% and daily active addresses decreased by 17.8%. Transactions over $100,000 fell from 303 to 261 in one day. Exchange net flows decreased by 40.2%.
Price Action: DOGE is up 4.7% in the past 24 hours and is trading around $0.1086 at the time of writing.
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