- The number of Dogecoin DOGE that was accrued by major holders within a 24-hour period exceeded 130 million. It is an indication of possible bullishness.
- DOGE made a slight recovery following the sharp decline, but it continues to pose a challenge to the resistance at $0.230.
- A narrowing of the Bollinger Bands and stable volume indicate a tightening up of the market, but it is not yet breaking out.
According to the data provided by Santiment, there was a total of 130 million DOGE added to the holdings of large Dogecoin holders over the last 24 hours. These wallet addresses that contain between 10 million and 100 million DOGE grew their votes when the site was a sea of declines.
Such an engagement with high-value wallets is an indication that those wallets are perhaps confident about the asset. The accumulation takes place at a time when the price is falling, which is an indicator of strategic buying. These huge sales show that big investors are likely hoping that there will be a recovery in the short run or that the wider cryptocurrency market will remain strong.
There is a mixed market sentiment in price movement.
The pattern of the price of Dogecoin on the Binance 15-minute chart indicates the change in momentum. The asset saw a steady rise followed by a decrease, which started on July 28. The price trended higher, reaching a high of more than 0.24, and then changed direction to a point approaching 0.225. This was coupled with increased volume of sales lowering the price below important moving averages.
The shorter-term moving averages, MA 7 and MA 25, crossed below the longer-term MA 99, and this has shown a short-term bearish sentiment. The price candles stayed below all of the major averages, adding credence to the downward pressure. Bollinger Bands expanded in the downward trend, which indicated an amplified volatility and sale efforts.
The indicators reveal early signs of recovery with technical indicators.
By the end of July 29, Dogecoin started to gain back some of the losses that it previously experienced. The price began to stabilize and tried to retest the MA 99 line, which is still a resistance line now. The volume stayed much the same in this move, signaling a higher buyer interest at lower prices.
Bollinger Bands have begun to contract once more, and the phenomenon can reflect that the asset is going into a consolidation phase. Nevertheless, the quotation is still below the main resistance at 0.230. Maintaining momentum beyond this point has the potential to be an indicator of a market turn.
Just to see whether this will go on, traders are still keeping tabs on Dogecoin. A close above the 99-period moving average with good volume would most probably be a confirmation of the more bullish direction. As long as it does not, the market could be in a tepidly excited mood still.
Disclaimer: The information in this press release is for informational purposes only and should not be considered financial, investment, or legal advice. Coin Crypto News does not guarantee the accuracy or reliability of the content. Readers should conduct their own research before making any decisions.
