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Dogecoin Derivatives Volume Jumps 111% As Open Interest Spikes, But What About Price?

A number of Dogecoin metrics have turned bullish in the last few days, showing increased interest from investors. This ranges from the meme coin’s daily derivatives trading volumes to its open interest seeing a significant increase. However, in the midst of this, the Dogecoin price has remained limp, sparking worries among investors.

Dogecoin Derivatives Volume And Open Interest See Increase

One of the major Dogecoin metrics that has seen a significant increase recently is its derivatives trading volume. The trend began on Monday when the derivatives trading volume saw a 60% uptick. However, it seems DOGE traders are far from done as the volume has almost doubled since that time.

According to data from Coinglass, the Dogecoin derivatives trading volume is up 111% in the last day alone. This has pushed the derivatives trading volume to $3.85 billion, a significant increase from the $1.99 billion that was recorded on Monday.

The launch of Dogecoin futures contracts by Coinbase, the leading crypto exchange in the United States, may have something to do with this. Following the launch on April 1, 2024, the meme coin has seen increased interest in its derivatives products, which explains the increase in the volume.

However, the derivatives trading volume is not the only thing that has seen an uptick during this time. As Coinglass data shows, the Dogecoin open interest has also risen significantly during this time. It has seen an approximately 12% increase in the last day to touch above $830 million.

Dogecoin metrics

Despite this increase in the Dogecoin open interest, it is still a long way from its all-time high of $1.91 billion that was recorded on March 29. So, the current open interest of $830 million represents an over 50% decline from its all-time high. At the same time, the DOGE price is still struggling, showing a disconnect between the rise in metrics and the price of the meme coin.

DOGE Price Doesn’t Respond To Bullish Metrics

The Dogecoin price has remained muted during this time, even with the increased momentum. The total daily trading volume of the meme coin is up 128% in the last day. However, its price has barely moved 4%, even amid the meme coin craze sparked by the GameStop (GME) 100% rally.

DOGEs price has barely moved during this time and the resistance at $0.15 is waxing stronger. This suggests that the focus is no longer on Dogecoin during meme coin craze and rather on newer counterparts such as Solana-based GME and AMC, which have seen incredible rallies in the last day.

At the time of writing, the DOGE price is trending at $0.49, with a 3.48% increase in the last day. However, in the longer time frame, the meme coin is struggling with 5.79% and 4% losses on the weekly and monthly charts, respectively.

Dogecoin price chart from Tradingview.com

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Shiba Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s Prediction Comes True?

Shiba Inu is up by 7% in the past 24 hours amidst an uptick in the meme coin market, coming ahead of Dogecoin at this time. The meme coin niche has witnessed a strong resurgence in the past day, with the entire niche up by 7.82%. Shiba Inu has particularly done well and witnessed a strong volume of interest amidst this uptick. Interestingly, this uptick in volume for SHIB has surpassed DOGE, with on-chain data suggesting SHIB could do better in the short term. At the same time, crypto analyst Ali Martinez has revealed a phenomenon that could lead to a 20% upswing for SHIB.

Shiba Inu Volume Flips Dogecoin

Data from Coinmarketcap shows that Shiba Inu has witnessed a trading volume increase of 320% in the past 24 hours. The metric, on Dogecoin’s side, was an increase of 160%. The crypto, which has been trading inside a descending channel for a while, is now appearing to make a push above. 

Related Reading: Analyst Who Predicted Solana’s 1,100% Move Reveals Where The Altcoin Is Headed Next

Although current data from analytics platform IntoTheBlock (ITB) suggests DOGE is still holding on for a longer-term overperformance over SHIB, SHIB is starting to position itself to outperform DOGE in the short term on a cost basis. According to ITB’s holding by time metric, DOGE has seen a 1.86% increase in the number of holders in the past 30 days, compared to a 0.43% increase for SHIB. ITB terms holders as passive investors that have held the asset for more than one year. 

However, the number of cruisers (investors holding between 1 to 12 months) flips the short-term interest in the favor of SHIB. As of this writing, SHIB’s cruisers have increased by +5.69% in a 30-day timeframe. The metric, on DOGE’s side, shows a 2.44% decrease.

Shiba inu

SHIB To Breakout Of Parallel Channel

The recent increase in volume and short-term activity suggests that SHIB is ready to break out of a descending parallel channel of lower highs. As pointed out on social media by crypto analyst Ali Martinez, SHIB has been trading in a descending parallel channel since the last week of April. Current price action shows SHIB is now at the upper end of the descending and is at a critical junction for a breakout or reversal. 

Related Reading: Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000

According to the analyst, a breakout from this channel at $0.00002444 could lead to another 20% upswing to $0.00002954. The price target serves as the highest point of the descending channel under consideration. A further surge could see SHIB returning back to the $0.00003 price territory. 

At the time of writing, SHIB is trading at $0.0000236. Failure to break above $0.00002444 could send the cryptocurrency back down as far as $0.0000211.

Shiba Inu price chart from Tradingview.com (Dogecoin)

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Dogecoin Breaks Out Of Descending Triangle Like It Did In 2021, Analyst Sets $6 Target

The Dogecoin price action seems to have turned bearish after a bearish close to April. Projections for the meme cryptocurrency are not bullish in the short term, especially considering the fact that it is now experiencing a 47% price correction from its highest point in the current market cycle. Despite its recent plunge, one analyst believes all is still well with Dogecoin, and the crypto asset is only gearing up for a bull run into new price territories. 

Dogecoin Repeating Behavior From Previous Bull Run

According to a recent analysis by popular crypto analyst Ali Martinez, Dogecoin’s current price action is setting up for a potential bull run, despite the cryptocurrency’s ongoing price correction. His analysis is based on interesting patterns on the Dogecoin price chart. 

Although they are a very volatile asset class, patterns are an interesting way to predict the future movement of cryptocurrencies. Now, Dogecoin appears to be repeating some of the same patterns that led to its massive breakout in 2017 and 2021.

Specifically, Dogecoin broke out of a descending triangle pattern in the last quarter of 2023, a seemingly occurring trend and a first step for the cryptocurrency. As Martinez noted, the first time this breakout happened was in 2017. However, DOGE went on a 40% correction shortly after before resuming a 982% bull run. Again, a similar breakout of a descending triangle in 2021 saw the crypto retracing by 56% before skyrocketing by 12,197% to reach its current all-time high of $0.7316.

Now, the recent DOGE correction in the past month after breaking out of a descending triangle means the crypto could be gearing up for a similar bounce up. According to the DOGE price chart shared by Martinez, the first step is breaking above resistance at $0.224. If it can hurdle that level, it opens up a run back to the 2021 high and a push-up to a first target of around $1.2. 

Looking further out, Martinez’s chart shows an ultimate price surge above $6 in this bull cycle. For this to happen, Dogecoin would need to regain momentum and rally over 4,700% from current levels over the coming months. While this price point looks overachieving, Dogecoin has pulled off epic rallies before, surging over 12,000% at one point in 2021 alone.

It has only been a few months into 2024 Dogecoin has already been on a wild ride this year along with the rest of the crypto market. At the time of writing, DOGE is trading at $0.125 and is down by 16.92% in the past seven days. Trading volume is up by 50% in the past 24 hours, which suggests a return of investor interest. 

Dogecoin price chart from Tradingview.com

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Buy Dogecoin Now? Analyst Believes DOGE Is Primed For A Surge

In an analysis shared via X, crypto analyst Ali Martinez elaborated on the ongoing price correction of Dogecoin (DOGE), positing that it is a consistent precursor to major bull runs, drawing on historical patterns to forecast future price movements.

Martinez’s commentary centers on the chart pattern known as the “descending triangle.” This is a bearish formation that occurs when the price follows a downward trendline intersecting a flat support line. Typically, this pattern indicates a continuation of a downward trend, but in the context of Dogecoin, Martinez suggests it precedes significant bullish breakouts.

“The ongoing Dogecoin price correction is part of its usual behavior before massive bull runs! Let’s dive in,” Martinez shared. He explained the historical significance of this pattern in Dogecoin’s trading history: “In 2017, DOGE broke out of a descending triangle. Then, DOGE retraced by 40% before entering a 982% bull run!”

Martinez further analyzed more recent cycles to reinforce his observations, “In 2021, DOGE broke out of a descending triangle again. Then, DOGE retraced by 56% before skyrocketing by 12,197%!” According to Martinez, these retracements are not random but are characteristic of how Dogecoin has behaved in previous cycles, setting the stage for explosive gains.

The analyst drew parallels to the current market conditions: “Now, in 2024, DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run!” This assertion suggests that the current market downturn might be an opportune buying moment ahead of potential gains.

DOGE price analysis

Martinez’s analysis underscores the cyclical nature of Dogecoin’s price movements, suggesting a pattern of sharp declines followed by dramatic recoveries. “Over the years, Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience,” he concluded.

Short-Term Dogecoin Price Analysis

Amidst this optimistic prediction, the Dogecoin price is in a precarious scenario in the short-term. Since mid-April, DOGE has experienced significant technical resistance. Particularly, the DOGE price was consistently rejected at the 50-day EMA over multiple instances, indicating strong selling pressure at higher price levels.

Amid a broader market downturn, the trajectory was accentuated when Dogecoin’s price broke below the crucial 100-day EMA. This level, often watched by traders for signs of medium-term market direction, had previously offered support. The breach underscores a weakening market sentiment and could signal extended losses.

Dogecoin price

As of press time, Dogecoin’s price hovered near $0.1259 after narrowly holding above the 200-day EMA yesterday, a key psychological and technical barrier. This moving average is now a pivotal point for Dogecoin; its sustained breach on the daily chart could significantly alter the market structure, potentially triggering a slide towards the $0.1005 support level.

The Relative Strength Index (RSI) is at 31.63, edging close to the oversold territory but not conclusively signaling an imminent reversal. This indicates that while the market is nearing oversold conditions, the selling pressure has not fully abated. One last leg down might be necessary to get DOGE into “oversold” territory in order to mark a local bottom.

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Machine Learning Algorithm Predicts Dogecoin Price For May 2024

As April comes to a bearish close, expectations for Dogecoin in May are not exactly bullish, especially as the crypto market has continued to fall. DOGE has been one of the main losers during this time, falling below $0.14. This underperformance is expected to continue as the machine learning algorithm at CoinCodex predicts further decline for the meme coin.

Algorithm Predicts Another 13% Decline

Despite the Dogecoin price already suffering a notable 14% decline in the last week, the machine learning algorithm believes it will fall another 13% in the month of May. The machine learning algorithm, which takes a number of metrics into consideration, presented that the DOGE price remains very bearish despite the market still sitting in greed.

For the month of May, the algorithm expects the meme coin’s price to decline by a total of 13.66% from here, falling below $0.13 to $0.1238. Even on the shorter term, the Dogecoin price remains bearish with an expected 1% decline to $0.14 in the next five days.

On the broader timeframe, expectations for the meme coin are not high as the machine learning algorithm does not expect the cryptocurrency to reach a new all-time high until 2029. For the year 2025, it gives the meme coin a yearly high of over $0.66, which is less than its current all-time high price of $0.7.

The next two years after this are expected to be bearish as the price is predicted to fluctuate around $0.126 and $0.25. Then, a new all-time high price of $1.4 is expected. If this plays out, then it would mean that Dogecoin investors would have to wait another five years to see new peaks.

Dogecoin Metrics Tell A Different Story

While the machine learning algorithm remains bearish, the Dogecoin metrics have been painting a picture of bullishness. For example, there has been a steady increase in the Dogecoin trading volume, rising 28% in the last day alone. This suggests a return of investor interest and if it translates into demand, it could see the price rise rapidly from here.

There has also been an accumulation trend for the meme coin, especially among whales. One whale, in particular, withdrew 226 million DOGE from the Robinhood exchange in two transactions. Usually, when investors move coins from exchanges to private wallets, it means they are accumulating for better prices. This could signal a turn in the tide.

However, at the time of writing, the Dogecoin price is still struggling at $0.135, with a 4% drop in the last 24 hours. A reversal from here could see DOGE retest the $0.15 resistance. But a breakdown could send it back toward $0.12.

Dogecoin price chart from Tradingview.com

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Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges

Recent on-chain data has shown a transfer of 456 million DOGE tokens into crypto exchange Coinbase amidst a flurry of Dogecoin whale transactions across various exchanges in the past 24 hours. The price of DOGE has majorly traded below the $0.165 price level in the past seven days despite the price uptick among other meme coins. These recent events of whale transfers, however, appear to be leading to a bearish view towards DOGE. Transfers of this nature into a crypto exchange point to the whales getting ready to sell off their bags, which risks crashing the DOGE price. 

Whales Move 456 Million DOGE To Crypto Exchange

Whale Alerts, a crypto whale transaction tracker, has shown various instances of whale transactions in recent hours. Amidst these transactions is the transfer of 456.83 million DOGE tokens worth $68.7 million into popular crypto exchange Coinbase. Interestingly, the transfer of DOGE was made to Coinbase in two bouts of 228 million DOGE, each worth over $34 million.

Related Reading: Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold $60,000

However, considering these transactions were sent in quick succession, the nature of their movement points to them being controlled by the same whale entity. 

A further look into the two whale addresses involved, “DFBx6m” and “DCTpBb”, showed that they no longer hold any tokens at the time of writing. This lends additional credibility to the idea that the transfers were made with the intention of selling off tokens.

Notably, on-chain data shows that both addresses have been holding their DOGE tokens since last year, considering the last inflow of DOGE occurred on November 1, 2023. During this time, the price of Dogecoin was trading around $0.068. It is worth noting that DOGE has gone on an over 120% price increase since then, putting the holdings at a significant profit.

What’s Next For Dogecoin?

At the time of writing, DOGE is trading at $0.1511. The crypto is now on a correction path after failing to substantially break above $0.164 in the past week. The recent movement of nearly half a billion Dogecoin suggests major price volatility could be on the horizon. Furthermore, the recent DOGE rally seems to have stalled out as other altcoins and meme coins gain momentum.

While DOGE is currently down by 0.64% in the past seven days, Shiba Inu, PEPE, Dogwifhat, and FLOKI are up by 13.8%, 47.5%, and 32.5% in the same timeframe. 

The future of DOGE can be hard to predict. As with any meme coin, Dogecoin remains highly speculative. Its price continues to be volatile and heavily influenced by hype and social media. According to a crypto analyst, DOGE could continue to drop in the short term. Other analysts are bullish on DOGE, with analyst Ali Martinez even predicting a rally to the $1 price mark. 

Dogecoin price chart from Tradingview.com

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Why Is The Dogecoin Price Down Today?

Dogecoin (DOGE), the foremost meme coin, is down over 6% in the last 24 hours according to data from CoinMarketCap. This downtrend can be attributed to the price movement of the flagship crypto, Bitcoin. 

Dogecoin Drops Alongside Bitcoin

Dogecoin’s price also experienced a sharp decline as the flagship crypto dropped from over $66,000 to below $64,000 in the last 24 hours. Altcoins like DOGE are known to experience a similar downtrend whenever Bitcoin’s price records a correction like the way it has done. Generally, the global crypto market is down over 4%, thanks to this occurrence. 

Several factors are believed to have contributed to Bitcoin’s recent decline (and, by extension, Dogecoin and other altcoins). One is the upcoming release of the Personal Consumption Expenditures (PCE) inflation data on April 26. Despite estimates from the Cleveland Fed, predicting that the PCE data will show that inflation has slowed, crypto investors are still wary, given that the March Consumer Price Index (CPI) data didn’t show any disinflationary progress. 

Crypto investors are also still apprehensive about the conflict in the Middle East. Although tensions between Israel and Iran seem to have subsided, there is still the belief that things could quickly get heated again. The impact this geopolitical conflict has on the crypto market has become evident, and investors want to avoid getting burned again. 

Meanwhile, the Spot Bitcoin ETFs, which now significantly impact the crypto market, have seen their inflows slow this month. The demand for these investment funds has drastically dropped, contributing to the unimpressive price action among crypto tokens like Dogecoin, given the amount of liquidity they brought into the market at their peak. 

Interestingly, the world’s largest asset manager, BlackRock, recorded zero daily inflows into its iShares Bitcoin Trust (IBIT) for the first time on April 24, further underscoring how bad things have become. 

DOGE Still Expected To Experience Further Price Declines

Based on crypto analyst CrediBULL Crypto’s recent analysis, the foremost meme coin is still expected to experience further price declines even when the crypto market picks up again. The analyst mentioned that the crypto market is getting to the point where liquidity in memes like Dogecoin and other altcoins will get sucked by Bitcoin as it makes its move to $100,000. 

The crypto analyst predicts that Dogecoin could drop to as low as $0.5 when this happens, suggesting there wouldn’t be enough liquidity for the meme coin to maintain any uptrend. However, crypto analyst Kevin (formerly OG Yomi) offered a different opinion, noting that nothing on the monthly time frame suggests Dogecoin will drop to as low as $0.5.

Dogecoin price chart from Tradingview.com

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Head And Shoulders Alert: Dogecoin Could See A Price Crash Soon

Crypto analysts are sounding the alarm on Dogecoin as a classic chart pattern, known for predicting bearish trends, has emerged. Technical analyst Josh Olszewicz, @CarpeNoctom, flagged a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart on X, hinting at a possible significant price drop if the pattern validates.

The H&S pattern is a technical indicator traditionally viewed as a bearish signal within the trading community. The pattern is composed of three peaks, with the central peak (the head) being the highest and the two outside peaks (the shoulders) being lower and approximately equal in height. The line connecting the lowest points of the two troughs (the neckline) can be horizontal or sloped and represents a critical support level.

Dogecoin Must Hold $0.14

In the case of Dogecoin’s 12-hour chart, the price has completed the left shoulder and the head, with the right shoulder currently forming. The neckline of this H&S pattern is identified at approximately $0.14, as annotated by Olszewicz. This level is crucial; a decisive break below could confirm the bearish forecast suggested by the H&S formation.

Dogecoin head & shoulder pattern, 12-hour chart

Another technical detail present on the chart is the Fibonacci retracement levels, which are horizontal lines indicating where support and resistance are likely to occur. They are based on Fibonacci numbers, a sequence famous in mathematics and nature for its proportionality.

Here, the 0.5 Fibonacci level aligns with the left shoulder around $0.18, while the 0 level coincides with the peak at approximately $0.23. These levels are key to determining the potential support and resistance areas in the market.

Olszewicz has also highlighted a projected target area based on the H&S pattern’s typical behavior. This bearish target is identified using the height of the pattern from the head’s peak to the neckline, projected downward from the point of the neckline break. The target box, marked in green, shows a potential decline to $0.10 to $0.09, coinciding with the 1.618 and 2.0 Fibonacci extension levels. A fall to this level could lead to a price crash of 40%.

The importance of the H&S pattern lies in its reliability as a trend reversal signal. It validates when the price breaks below the neckline following the formation of the right shoulder. For traders and investors alike, this pattern serves as a cautionary tale to brace for potential downside risks.

As of the latest chart by Olszewicz, the neckline has not been breached, and the pattern has yet to be confirmed. It is critical for observers to watch the $0.14 level closely, as a break below it would likely activate a sell-off, fulfilling the H&S prophecy. However, until such a break occurs, the pattern remains a watchful indicator rather than a confirmed trend reversal.

In summary, Dogecoin’s price chart is showing signs that could concern bullish investors. If history is any guide, the emerging H&S pattern, closely watched by analysts like Olszewicz, suggests a possible downward move in Dogecoin’s value in the near future. However, only a decisive break below the neckline will validate this pattern, turning a watchful eye into a bearish outlook.

At press time, DOGE traded at $0.1509.

Dogecoin price

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Crypto Analyst Sounds Buy Alarm For Dogecoin – Can DOGE Price Reclaim $0.2?

The DOGE price has largely struggled to make a return to $0.2 since losing this price level early in April. And the meme coin has mostly been on a descent over the past few weeks, going as low as $1.4 at some point.

However, the tides appear to be shifting for the Dogecoin investors, with the meme token putting in a positive price performance in the past week. The double-digit gain and optimistic price action over the last seven days haven’t gone unnoticed by experts, as many anticipate a continued bullish run for the DOGE price in the near future.

Is A Price Rally Imminent For Dogecoin?

Prominent crypto analyst Ali Martinez took to the X platform to share an interesting analysis and projection for the Dogecoin price. According to the pundit, DOGE’s recent price action is signaling a potential rally to the upside over the coming days.

The reasoning behind this bullish prediction revolves around the TD (Tom Demark) Sequential indicator. Martinez mentioned that this indicator has flashed a buy signal on Dogecoin’s daily chart, suggesting that a price upswing lasting between one to four days might be on the cards.

The Tom Demark Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. Typically, the TD Sequential indicator comprises two major phases known as the “setup” and the “countdown.” 

The setup phase consists of nine consecutive candlesticks depending on whether the token is in a bullish or bearish trend. The countdown phase, on the other hand, consists of 13 consecutive candlesticks, which start immediately after the completion of the “setup.” 

DOGE price

In the chart highlighted above, the DOGE price just completed the nine-candle setup phase, which may be signaling a potential price reversal. Given that this phase was mostly formed by bearish candles, the TD Sequential might be indicating a bottom for Dogecoin’s price.

Ultimately, it is likely that investors will see the DOGE price return to $0.2 if the potential rally produces four consecutive bullish candles. However, they might keep an eye out for the formation of the “countdown” phase.

The completion of the countdown phase on Dogecoin’s daily chart could signal an even stronger and longer-lasting price reversal. This could see the meme token break out of its current bearish trend and gather some momentum for higher price levels.

DOGE Price At A Glance

As of this writing, the DOGE price stands at around $0.1618, reflecting a significant 4.7% increase in the past 24 hours.

DOGE price

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Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over

A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week. According to Yomi, DOGE is on the verge of creating a golden cross on its price chart, an event that could indicate the continuation of a major bull run. He noted the need for a green candle this week in order to start a new rally, which could be tough considering recent on-chain metrics and market fundamentals. 

Dogecoin Flashing Weekly Golden Cross

The weekly chart for Dogecoin is flashing a golden cross, a bullish signal that occurs when the 50-week moving average crosses above the 200-week moving average. According to a weekly price chart shared by Yomi, this weekly cross looked almost completed just two weeks ago, as a price surge for DOGE in the past two months saw the short-term moving average approaching the longer one. 

However, trader sentiment around DOGE has turned bearish since the beginning of April as the bulls struggled to push the crypto past the $0.22 mark, allowing it to form a price resistance level. Consequently, DOGE has gone on to form two weeks of bearish candles, which has derailed the completion of a golden cross. 

Yomi observed that the formation of this bullish indicator has been pushed forward to multiple weeks of upward price movement. Furthermore, Yomi said all that’s needed is for DOGE to close higher than its open price this week and form a green candle to confirm the breakout and get back on track to a golden cross. 

DOGE To Turn Bullish?

Dogecoin dropped by an astounding margin last week to spearhead the crash in the majority of meme coins. Interestingly, the crypto fell to as low as $0.13 in the middle of the week, representing a 33% decline from its opening price at the start of the week. During the price fall, crypto whale transaction tracker Whale Alerts noted the transfer of 600 million DOGE tokens worth $92.3 million from a private wallet into Binance, hinting at a potential sell-off from a DOGE whale.

However, all is not lost as Dogecoin price action has been showing green in the past day. At the time of writing, DOGE is trading at $0.1669, up by 5% in the past 24 hours. If DOGE can close substantially above its weekly open of $0.1624, that would confirm the continuation of the journey to a golden cross and likely kick off a new uptrend. 

Yomi noted in another post on social media that Doge will continue to tease a bullish price action in the longer term as long as it stays above $0.12 this week. 

Dogecoin price chart from Tradingview.com

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Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?

Dogecoin has been one of the best performers over the past year, consistently holding up gains even through market dumps. However, after the meme coin’s rally in March and then the subsequent dump in April, it looks like investors, especially whales, are finally getting ready to start taking profit. This is evidenced by a number of large DOGE transactions that were flagged going into exchanges over the last day.

Dogecoin Whales Move 800 Million DOGE To Exchanges

The movement of coins to centralized exchanges can be very bearish for the price of a cryptocurrency. This is because the move to centralized exchanges often points to a selling spree as investors look to take advantage of the deep liquidity that is provided by these exchange platforms. This reason is why the massive amounts of DOGE tokens being sent to centralized exchanges are concerning for the community.

Over the course of the last day, the on-chain whale tracking platform Whale Alert reported a number of large DOGE transactions that carried tokens to centralized exchanges. The largest of these transactions happened on April 14, when a single transaction was carrying 600 DOGE tokens to the Binance exchange.

At the time of the transaction, the total stash of tokens being transferred was worth around $92.3 million. However, with the DOGE price increasing since then, the value of the tokens contained in this transaction could be closer to $95 million at the time of this writing.

Hours later, after the first transaction, two other transactions followed, also carrying notable amounts of DOGE tokens. The second transaction, which carried 100 million DOGE tokens worth $15.28 million, headed for the Robinhood exchange.

The third transaction of the trio was also headed to the Robinhood exchange, carrying 99.25 million tokens worth $16.15 million. In total, approximately 800 million DOGE tokens to centralized exchanges, signaling a potential sell-off on the horizon.

Can DOGE Surge From Here?

Despite the bearish pressure that seems to categorize Dogecoin lately, the longer-term outlook for the meme coin has remained bullish, especially among crypto analysts. Crypto analyst Trader Tardigrade has continued to maintain a bullish stance on the meme coin, which he believes could pull a significant rally soon.

Tardigrade’s latest analysis of Dogecoin saw a bullish formation on the chart, which could lead to a 100% rally. The move, which the analyst expects to happen sometime in April following the Bitcoin Halving, is expected to see the DOGE price rise as high as $0.4 in the short term.

However, first, the meme coin’s price would have to break above $0.205, which has developed into significant resistance for the altcoin. But, as the crypto analyst explains, a break above this level would confirm the bullish breakout.

For now, Dogecoin is still struggling to break through this $0.205 resistance and has since been rejected from this level. It is currently sitting at $0.165, with a 5.51% increase on the last day and a 20% decrease on the last week, according to data from Coinmarketcap.

Dogecoin price chart from Tradingview.com

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DOGE Price Set For Rebound? Whale Moves $26 Million In Dogecoin Off Robinhood

The price of Dogecoin has been experiencing a significant amount of bearish pressure in the past few days. This recent decline coincides with a general market downturn, which has seen other large-cap assets like Bitcoin and Ethereum tumble with notable losses.

However, the meme coin’s price might not be down for too long, especially after a major investor executed a massive transaction off a centralized exchange. The transfer, which an on-chain data tracker flagged, has sparked speculations in the DOGE community and could be bullish for the meme coin’s price.

Whale Transfers 150 Million Dogecoin From Robinhood

According to data from blockchain transaction tracker Whale Alert, a substantial amount of Dogecoin has made its way off the Robinhood exchange. In the past day, an outgoing transfer of 150 million DOGE tokens, equivalent to more than $26 million, from the crypto trading platform was spotted on the Dogecoin blockchain.

Given the magnitude of this transaction, it appears that a whale was behind this movement of funds. Whales refer to influential entities or individuals that own or hold significant amounts of a particular cryptocurrency in their wallets (Dogecoin, in this case).

Whales are often perceived as major players in the crypto market, as their buying and selling activities can have a substantial impact on a token’s price. As such, their actions can be worth keeping an eye on, especially as they can lead to speculations and potential market shifts.

This particular transfer, where the Dogecoin whale moved their tokens from an exchange wallet to a self-custodial wallet, is known as an “exchange outflow.” Typically, investors move their assets off trading platforms when they intend to hold onto their coins in the long term, indicating their faith in the future promise of the crypto.

Additionally, the movement of funds off exchanges can sometimes be a signal of fresh accumulation, as some investors prefer to withdraw their tokens immediately after purchase. All in all, considering the large-scale nature of the transfer, the latest movement of Dogecoin tokens off Robinhood might be a bullish proponent for the meme coin’s price.

Meme Coins Facing Turmoil?

As of this writing, the Dogecoin price stands at around $0.1496, reflecting a notable 12% decline in the last 24 hours. The largest meme coin is down by close to 20% on the weekly timeframe, according to CoinGecko data.

However, Dogecoin is not the only meme token to have witnessed this massive downturn in price, as other coins also posted double-digit percentage losses. Notably, the second-largest meme coin, Shiba Inu, is also deep in the red, with an almost 14% price drop in the past day.

Dogecoin

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The Era Of Flippenings: Can Dogecoin Take XRP’s Spot?

In the last few weeks, there has been uncertainty in the crypto market, but that has not stopped the likes of Dogecoin and XRP from making moves. One of the most notable developments, however, was the entry of Toncoin (TON) into the top 10 cryptocurrencies by market cap, and then dethroning Cardano (ADA). Following this, Dogecoin looks ready to carry out a flippening of its own, eyeing XRP’s spot on the list.

Dogecoin Gearing Up To Take Over XRP

Dogecoin has performed rather well at a time when the crypto market has remained indecisive. Even though there has been times when the price has dipped, it has managed to reclaim $0.2, although the majority of bearish resistance is being mounted at this junction.

Nevertheless, Dogecoin’s ability to hold most of its gains from March has seen its market cap increase rapidly. From less than $15 billion at the start of the year 2024, the meme coin’s market cap has now climbed above $28.6 billion, putting it dangerously close to the market cap of XRP.

At the time of writing, XRP’s market cap is sitting at $33.9 billion, spurred by the decline in its price over the last week. This means that the market cap of XRP is now only 15.6% higher than that of Dogecoin, a perilously small gap given how quickly prices of cryptocurrencies can rise.

In this case, if Dogecoin continues to perform well and XRP fails to keep up, it could easily lose the sixth spot on the list to DOGE. A 20% rise in the DOGE price to $0.24 would put its market cap above $34 billion, putting it ahead of XRP. And if XRP’s continues to fall, then the gap could tighten over the next week.

DOGE Price Projected To Explode

Dogecoin currently boasts one of the strongest crypto communities, and some would argue even stronger than the XRP army, as DOGE’s support base has strengthened due to its outperformance in the past. This support base and rapid adoption are two of the foremost factors that promise an interesting future for the meme coin.

There have been many predictions for where the future price of DOGE might be, with some going as high as $100. However, according to crypto Analyst Ali Martinez, Dogecoin could do quite well in this bull market. The analysis posted by Martinez reveals multiple price targets, with $12 at the top.

These targets, if they play out correctly, will see the DOGE market cap rise rapidly, and unless XRP pulls some equally bullish moves, it will soon be behind DOGE on the list of largest cryptocurrencies by market cap. But for now, both cryptocurrencies at maintaining their places with XRP in 6th position and Dogecoin in 8th position behind stablecoin USDC.

Dogecoin price chart from Tradingview.com (XRP)

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Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months

Crypto expert Ash Crypto has outlined his price predictions for several crypto tokens, including Bitcoin (BTC), Dogecoin (DOGE), and XRP, heading into this bull run. He also suggested that these price levels could be attained in the next 12 to 16 months. 

How High Will Bitcoin, Dogecoin, And XRP Rise?

Ash Crypto predicted in an X (formerly Twitter) that BTC would rise between $100,000 and $250,000 by 2025. This prediction aligns with those made by other notable crypto analysts. One of them is Skybridge Capital CEO Anthony Scaramucci, who predicted in January that Bitcoin would rise to $170,000 18 months after the Bitcoin Halving.

Bitcoin Dogecoin XRP

Meanwhile, some other crypto analysts will argue that Bitcoin hitting $100,000 could even happen this year rather than 2025. This includes Tom Dunleavy, the Chief Investment Officer (CIO) at MV Capital, who claims that Bitcoin will rise to $100,000 by the end of this year. Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, also predicted that Bitcoin would rise to as high as $150,000 this year. 

Regarding his price target for DOGE, Ash Crypto predicted that the meme coin would rise to $1 in the next 12 to 16 months. This prediction is also a common sentiment shared by several other crypto analysts and members of the crypto community. Specifically, crypto analyst DonAlt once mentioned that “it isn’t too unlikely for Dogecoin to go to $1,” while crypto analyst Altcoin Sherpa stated that DOGE could do “something silly like go to $1 this cycle eventually.”

Ash Crypto also shared his price target for XRP, stating that the crypto token could rise between $3 and $5. This price prediction, however, seems conservative, considering other predictions that crypto analysts have made for the XRP token. 

Crypto analyst CrediBULL Crypto recently mentioned that XRP could rise to as high as $20 in this market cycle. Meanwhile, Crypto analyst Egrag Crypto has repeatedly stated that XRP hitting $27 is possible.

Undervalued Altcoins Make The List

Crypto expert Michaël van de Poppe recently included Chainlink (LINK), Celestia (TIA), and Polkadot (DOT) in a list of ten crypto tokens he believes are undervalued. Interestingly, these three altcoins also made their way into Ash Crypto’s list of coins, for which he outlined price targets. 

For LINK, Ash Crypto predicted that the crypto token could rise to between $250 and $500 by next year. LINK’s rise to such levels would undoubtedly be massive, considering it currently trades at around $17. Ash Crypto also predicted a parabolic surge in TIA and DOT’s prices, as he believes they could rise to as high as $150 and $120, respectively. 

Dogecoin price chart from Tradingview.com (Bitcoin XRP)

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Dogecoin Finds A Bottom: How The 7-Year Cycle Can Send Price To $40

Dogecoin has had a rather interesting week, first rallying to cross $0.2, before correcting back downward and eventually losing support at $0.8. Nevertheless, there is still a lot of steam left in the cryptocurrency it seems, as crypto analysts have identified both a bottom and a 7-year cycle that could send its price as high as $40.

Dogecoin To Bottom Around $0.16

In an analysis posted on X (formerly Twitter), crypto analyst Trader Mayne posited that Dogecoin could find a bottom around $0.16. He explains that this is the level where bulls are mounting support, making it a critical point for the meme coin.

Now, if the bulls are able to hold this support level, it would mean that the DOGE price has eventually found its bottom. However, falling below this support level could be detrimental for the meme coin’s price, as Trader Mayne revealed, leading to an even larger correction from here.

On the flip side, if bulls are able to hold this support, then it could signal a continuation of the bullish trend. The crypto analyst reports that the RR (Risk Ratio) for longs has skewed positive. So, in this case, holding above the $0.16 support and eventually reclaiming the previous local peak just below $0.24, then “the party continues,” the analyst stated.

DOGE Price Headed To $40?

Trader Mayne is not the only crypto analyst who has shown bullishness toward Dogecoin in spite of the decline. Another analyst, identified as Tardigrade, also took to X to share a cycle trend in the DOGE price that they had uncovered.

The crypto analyst titled the trend the “Cycle of 7 years” which predicts a large move up to new all-time high levels for the meme coin. Tardigrade points to the performance of Dogecoin in the seven years leading up to the 2021 surge, a cycle that they believe is set to repeat again.

Given that seven years is a wide range, it means that in 2024, the DOGE price is still just halfway to completing it. From here, it would take another four years for the 7-year cycle to be completed, at the end of which Dogecoin is expected to see a massive surge.

The cycle ends in 2028 and by this time, the crypto analyst expects that the DOGE price will move above $2, then $9, and all the way to $40. They support this with the fact that the DOGE price moved from $0.0007 in 2017, and reached as high as $0.7 in 2021. Given this, the analyst advises crypto investors not to miss the Dogecoin move up.

Dogecoin price chart from Tradingview.com

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Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree

The Dogecoin (DOGE) price looks at risk of further declines as on-chain data show that the meme coin’s largest holders are securing profits. This follows DOGE’s recent price surge, which saw the crypto token rise to a new three-year high of $0.22. 

Dogecoin Witnesses Wave Of Profit-Taking

Data from the market intelligence platform Santiment shows a drop in the number of Dogecoin holders holding between 10 million and 100 million DOGE tokens. This suggests that some holders have offloaded their tokens to secure profits from DOGE’s recent price gains. 

This wave of profit-taking looks to have become a pattern among DOGE holders, as further data from Santimemt showed that these whales also instantly booked their profits just after DOGE enjoyed an upward trend earlier in March. Bitcoinist even reported then of a Dogecoin whale that offloaded 86 million DOGE tokens on the market. 

Considering the magnitude of these whales’ holdings, their actions are bound to exert much selling pressure on the DOGE token. That explains why the meme coin has steadily declined since rising to as high as $0.22 last week. Interestingly, Santiment, in an X (formerly Twitter) post, had recently warned of an impending sell-off by these whales. 

The crypto analytics platform noted how major dormant whales were moving their Dogecoin holdings back into circulation, which usually suggests they are getting ready to sell. Meanwhile, members of the DOGE community seem unfazed by the recent price dip, with many of them seeing it as an opportunity to accumulate more of the meme coin.

The Whales Will Soon Return  

Dogecoin whales are expected to return and position themselves again once this wave of profit-taking by them is done. Besides taking profits, these whales also see this period as an opportunity to invest in DOGE at the market bottom and in anticipation of future price gains. 

Despite this recent correction, there looks to be a lot of bullish momentum on the largest meme coin by market cap, especially with analysts predicting that it could rise to $1 in this market cycle. In the short term, Dogecoin is also expected to make another run soon, with significant events coming up for the meme coin this April.

The foremost US exchange, Coinbase, is set to launch Dogecoin futures for its institutional clients on April 29. This move could cause new money to flow into the meme coin’s ecosystem and spark a price surge. DOGE Day is also happening on April 20, which will put the spotlight on the crypto token and possibly impact its price positively. 

At the time of writing, DOGE is trading at around $0.18, down over 6% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com

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Dogecoin Price Poised For Massive 600% Rally In April: Crypto Analyst

Dogecoin, a frontrunner in the meme coin genre of crypto, is showing bullish signals on its technical charts that could indicate an impending rally, according to noted crypto analyst Ali Martinez. Via X, he stated:

I feel my fellow degens have been distracted with the new shiny memecoins, but Dogecoin remains the most important altcoin in this sector. From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run!

Dogecoin price projection

The weekly DOGE/USD price chart presents a descending triangle pattern, typically bearish, that has emerged since its peak in May 2021. However, the price action of recent months has been decidedly bullish, with Dogecoin breaking above the triangle’s upper trendline already in November 2023. This move invalidated the bearish sentiment often associated with this pattern, signaling a strong shift in market dynamics.

With the monthly close for March, the Dogecoin price has crossed the significant 0.5 Fibonacci retracement level of the downtrend, situated at approximately $0.19057, hinting at further upside potential. At press time, DOGE traded at $0.2072 reflecting an 86% increase in March.

The Fibonacci retracement levels laid out on the chart are based on the swing high and low of the previous market cycles. If Dogecoin continues to adhere to the Fibonacci levels as it has historically, the immediate target would be the 0.618 level at $0.26241, followed by the 0.786 level at $0.41376 and the all-time high at $0.73905.

Extending into the price discovery, the Fibonacci extension levels are mapped out at $1.54481 (1.272 Fib level), $2.27007 (1.414 Fib level), and $3.94628 (1.618 Fib level), and $6.22241 (1.786 Fib level). These figures represent future areas of interest where the price might find resistance in the event of a continued upward trajectory.

Martinez’s analysis also includes a projection based on Dogecoin’s price action from the 2018-2021 bull market, represented by the light gray line on the chart. This projected trajectory is extrapolated from the past price pattern and suggests a parabolic rise for DOGE. Notably, the DOGE price could already skyrocket in April if history repeats.

According to Martinez’s projection, if Dogecoin follows the historical pattern, its price could potentially surge to nearly $1.5 by April, which would represent a 600% rally. This price target is further supported by the Fibonacci extension levels, with $1.54481 (1.272 Fib level) serving as a prospective hurdle.

Subsequently, the DOGE price could initially require a slowdown and remain stuck in a consolidation zone between the previous all-time high and the 1,272 Fib for several months. The rally could then continue according to Martinez’s projection.

In a similarly explosive move, DOGE could rise above $1.50 and then pulverize the Fib levels at $2.27007 (1.414 Fib level), $3.94628 (1.618 Fib level), and $6.22241 (1.786 Fib level) until the rally stalls again at just over $6.30. A final move could see Dogecoin break above $11.11 (2.0 Fib level) where it could find a cycle high, according to the analyst.

At press time, the DOGE price was at $0.2077.

Dogecoin price

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Dogecoin Open Interest Hits Record $2.2 Billion – What’s Next For DOGE Price?

The Dogecoin open interest has been on the rise over the past few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the price of the meme coin has been reflecting the growth seen by its open interest.

This recent bullish momentum pushed the price of DOGE to break the $0.22 mark, its highest point in three years. However, the question is – how far can this rally go for the foremost meme token?

Dogecoin Open Interest Breaks Above $2 Billion

According to data from CoinGlass, the Dogecoin open interest broke through the $2 billion mark on Friday, March 29. Although DOGE’s open interest stands at around 1.96 billion at press time, it rose as high as $2.21 billion on Friday, a new record for the meme coin.

Open interest is a metric that measures the total number of futures or options contracts of a particular cryptocurrency (Dogecoin, in this case) in the market at a given time. It provides insight into the amount of money investors are pouring into DOGE derivatives at this time.

The meme token’s open interest has had quite a performance since the start of March. DOGE’s open interest rose to $1.6 billion (an all-time high at the time) earlier in the month before retracing to below $1 billion by March 20.

It is worth noting that there has been a high correlation between open interest and Dogecoin’s price, with both climbing at the same time and at almost the same pace. Typically, a rising open interest can suggest a continuation of the trend around the asset’s price at the moment.

Ultimately, the current high open interest for DOGE could mean a rapid price movement for the meme coin in the near future. However, it would be difficult to tell the direction in which this spurt of volatility would take the price of Dogecoin, especially as open interest is not the most optimal indicator of trends or price action.

DOGE Price Overview

As of this writing, the Dogecoin price stands at $0.204, reflecting a 4.6% decline in the last 24 hours. While the meme token’s price has somewhat struggled since hitting the three-year high, it has managed to retain most of its profit from the past week.

According to CoinGecko data, the Dogecoin price is up by a whopping 18% in the past seven days. This positive performance has strengthened DOGE’s position as the largest meme coin in the market, with a market capitalization of $29 billion.

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Dogecoin Holder Base Reaches New Record Amid Surge In Interest

Dogecoin has soared toward a new record in one notable metric as interest in the meme coin continues to surge. This time around, the holder base of the cryptocurrency has reached a new all-time high, signaling rapid adoption among crypto investors.

Dogecoin Holders Cross 6.9 Million

The month of March has come with glad tidings for Dogecoin. Not only has the meme coin’s price risen tremendously this month, its holder base has also seen a lot of growth. This month, the total DOGE holder base crossed 6.9 million for the very first time, setting a new record. However, the meme coin is not anywhere near done as the number continues to rise.

According to data from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the last month, the number could cross 7 million before the month of March is over.

This new record is a testament to the adoption that DOGE has witnessed over the last few months. Despite competitors such as BONK, PEPE, and WIF springing out of the woodwork, as well as its fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin has dominated as the leading meme coin.

To put this growth in perspective, the DOGE holder base started out the year 2024 with around 6.06 million holders. Three months later, it is more than 6.9 million, meaning that the holder base grew more than 14% during this time.

DOGE Outlook Continues To Be Bullish

In addition to the rapid rise in Dogecoin holders, there has been a notable uptick in other metrics, such as daily transaction counts, whale transactions, and age consumed. These point to a rise in bullish sentiment among investors who expect the price to keep going up.

The age consumed is particularly important here since it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed.

Another metric that has shown a significant increase is the daily transaction volume which is up almost 50% in the last day. This uptick shows more interest in trading Dogecoin and with its price surging in the last day, it suggests that the majority of this volume is skewed toward buying rather than selling.

The DOGE price is currently reflecting this surge in interest as its price is up almost 10% in the last day. However, the bears continue to maintain resistance around $0.2, forcing the meme coin back downward.

Dogecoin price chart from Tradingview.com