What Dogecoin (DOGE) Price Needs To Bounce Back and Surge?
The post What Dogecoin (DOGE) Price Needs To Bounce Back and Surge? appeared on BitcoinEthereumNews.com. Dogecoin (DOGE) price just began peaked above the key supports level at which the coin had extended its retracement for the second consecutive week. The meme coin might be about to pivot once more, because this latest pullback yielded a retest of its short-term ascending trend line. Dogecoin price has been trading within a narrow support and resistance range over the last few months. The king of the meme coins kicked off September on a bullish leg, but it has been trading in an overall downtrend in the last 2 weeks. DOGE price embarked on its 2-week retracement after previously retesting a resistance line that has been active since March, as observed in recent Dogecoin news. In Its more recent pullback also retested a short-term support that has been active since June. Dogecoin price/ source: TradingView The support retest suggests that Dogecoin price was likely to bounce back from there. However, that depends on whether the bulls will make a strong comeback near the support level. Failure to that, price could capitulate and break out of the current range. Data Reveals Whales Buying The Dip Whale activity around Dogecoin revealed some interesting observations. For example, large order book data revealed that whales acquired more than $13 million worth of DOGE on Binance spot. They also executed over $9 million worth of net spot buys on OKX. Meanwhile, whales also executed about $16 million worth of net longs on the Binance perpetual market. OKX still had over $48 million worth of short positions. Although the whale order book data leaned in favor of the bulls, it was still too early to determine if the bubbling demand would be enough for a pivot. Furthermore, markets were subject to change and recent market outcomes revealed heavy bias towards the downside. Nevertheless, the sell…
The post What Dogecoin (DOGE) Price Needs To Bounce Back and Surge? appeared on BitcoinEthereumNews.com.
Dogecoin (DOGE) price just began peaked above the key supports level at which the coin had extended its retracement for the second consecutive week. The meme coin might be about to pivot once more, because this latest pullback yielded a retest of its short-term ascending trend line. Dogecoin price has been trading within a narrow support and resistance range over the last few months. The king of the meme coins kicked off September on a bullish leg, but it has been trading in an overall downtrend in the last 2 weeks. DOGE price embarked on its 2-week retracement after previously retesting a resistance line that has been active since March, as observed in recent Dogecoin news. In Its more recent pullback also retested a short-term support that has been active since June. Dogecoin price/ source: TradingView The support retest suggests that Dogecoin price was likely to bounce back from there. However, that depends on whether the bulls will make a strong comeback near the support level. Failure to that, price could capitulate and break out of the current range. Data Reveals Whales Buying The Dip Whale activity around Dogecoin revealed some interesting observations. For example, large order book data revealed that whales acquired more than $13 million worth of DOGE on Binance spot. They also executed over $9 million worth of net spot buys on OKX. Meanwhile, whales also executed about $16 million worth of net longs on the Binance perpetual market. OKX still had over $48 million worth of short positions. Although the whale order book data leaned in favor of the bulls, it was still too early to determine if the bubbling demand would be enough for a pivot. Furthermore, markets were subject to change and recent market outcomes revealed heavy bias towards the downside. Nevertheless, the sell…
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