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As crypto market volatility intensifies, Dogecoin price prediction has become a key topic for traders and investors eyeing its next move. Over the past 24 hours, the meme coin has witnessed huge volatility from rising 10% in the Asian market to falling nearly 15% following the opening bell of the US market.
DOGE Liquidations Surge Amid Sharp Drop
This huge volatility in meme coins has liquidated millions of dollars worth of long positions.
Data from the on-chain analytics tool CoinGlass reveals that this volatility has liquidated $20.27 million worth of long positions, and $1.85 million worth of short positions were liquidated over the past four hours.
The massive liquidation of long positions appears to be driven by the recent bullish breakout, as bulls rushed in after the meme coin broke above the $0.2466 level.
Current Price Momentum
At press time, the Dogecoin price has plunged to $0.227, falling 7% over the past 24 hours. Despite a notable price dip, investors and traders’ participation continues to grow.
Data from CoinMarketCap reveals that DOGE’s 24-hour trading volume has jumped by 31% from the previous day.
This surge in the trading volume when the price falls suggests downside momentum in the memecoin.
Not only that, but the large transaction volume, which is typically linked with whales, has also jumped by 41%, as reported by the on-chain analytics tool IntoTheBlock. However, whether whales are seizing the dip by accumulating or selling remains unclear.
Dogecoin Price Prediction
According to expert technical analysis, Dogecoin price prediction suggests the meme coin may continue trading sideways until a clear breakout occurs above $0.247 or below $0.22.
Based on recent price action, a breakout above $0.247 could shift the outlook to bullish, potentially driving a 20% price uptick. Conversely, if the coin falls below $0.22, the outlook would turn bearish, with Dogecoin likely facing strong downside momentum.
At present, the technical indicator Supertrend has turned red and moves above the Dogecoin price. This shift indicates that bearish momentum is building, and sellers may dominate the market soon.
Whales Bag 2 Billion DOGE in Past Week
Amid this fear in the market, a well-followed crypto expert shared a post on X noting that Dogecoin’s bullish double-bottom pattern is still intact. The post also highlighted a Dogecoin price prediction with $0.50 as a potential target.
This post on X appears to be a relief for the Dogecoin holders, as the price slipped notably after a bullish breakout.
Given the current market sentiment, investors might be thinking about whether to hold onto their DOGE or sell out of concern over potential downside momentum.
A prominent crypto expert recently shared a post on X highlighting whales’ latest activity. According to the post, crypto whales have accumulated 2 billion DOGE over the past seven days.
During this period, the meme coin traded sideways between $0.22 and $0.247, reflecting whales’ strong interest in DOGE and signaling its upside potential.
After a sharp fall, Dogecoin price prediction shows market trends, whale accumulation, and trading volume signaling potential next moves for DOGE.
