Dogecoin (DOGE) is currently experiencing a huge surge in transaction volume, with $1.09 billion in large trades.
According to IntoTheBlock, this measure tracks big transactions made by whales and institutional investors each day. High Large Transaction Volume often signals increased activity from these big players, either buying or selling.
Dogecoin Hits $1.09 Billion in Large Transactions Amid Market Dip
In the last 24 hours, Dogecoin has seen $1.09 billion in large transaction volume, translating to approximately 8.61 billion DOGE.
Meanwhile, Bitcoin dropped to near $65,000 during Tuesday’s trading as traders reacted to potential U.S. government plans to sell some of its significant cryptocurrency holdings. This large stash of seized cryptocurrency was accumulated from crackdowns on dark web markets like Silk Road.
Dogecoin also felt the effects of the bearish market trend, trading in the red as of the latest update.
Dogecoin’s Price Dynamics: Support and Resistance Analysis
After four days of consecutive declines, Dogecoin rebounded off the 50-day SMA at $0.123 during today’s early session. This suggests that bulls might be trying to convert this level into support.
Despite this attempt, Dogecoin is still struggling, with the price down 3.16% in the last 24 hours to $0.125 and down 5.42% over the past week. The effectiveness of the bulls’ effort to counter the bears remains uncertain.
DOGE/USD Daily Chart, Courtesy: TradingView
If bulls manage to establish the 50-day SMA as support, Dogecoin could experience a relief rally targeting the 200-day SMA at $0.134. A successful breach of this level could lead to further gains, pushing the price towards $0.14 and potentially starting an upward trend toward $0.18.
Conversely, if bears succeed in driving the price below the $0.12 support level, increased selling pressure could push Dogecoin down to $0.10.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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