Following the impressive price rise witnessed by one of the most popular meme-based cryptocurrencies, Dogecoin, in an unprecedented turn of events, the token currently appears to be facing a correction phase in the market. This has piqued the interest of crypto market enthusiasts around the world as the price of DOGE has recently fallen below $0.22, further weighed down by today’s massive sell-off of DOGE on CEX.
Insights revealed by blockchain tracker Whale Alert show that nearly 140 million DOGE was offloaded during Dogecoin’s bearish turn today. This immediately sparked a tsunami of speculation surrounding the potential future price movements of the meme-based token. Although market dynamics painted a bearish picture for the meme token, the broader market trend initiated by DOGE garnered optimism to the contrary, further increasing the challenge of its price action.
Whale dump adds bearish tinge to DOGE
according to Whale Alert Insights, 139.99 million DOGE (worth $30.22 million) was transferred to Coinbase in the last 24 hours. According to data from CoinMarketCap, this dump further coincided with DOGE’s bearish direction as a result of increased supply of DOGE on exchanges.
Interestingly, while today’s price correction and aforementioned selloff added a bearish splash to Dogecoin, the meme token’s broader chart, in contrast, shows signs of sustained upward momentum and a downtrend. gradually transitioned into an uptrend defined by a U-shaped recovery.
This sparked a whirlwind of speculation among crypto market traders and investors around the world, with on-chain market trends further indicating a downward trend for DOGE.
Also read: Litecoin (LTC) Price Crosses $105, Significant Price Rise Expected in April
Dogecoin price drop
At the time of writing, Dogecoin token price has fallen by 1.62% in the past 24 hours and is currently sitting at $0.2125. Notably, Memecoin’s chart shows that the token has witnessed considerable volatility in the past day and has caught the attention of investors.
Meanwhile, derivatives data shows that open interest decreased by 3.08% and trading volume decreased by 46.28%, indicating a downward trend for the token in the market. However, an analysis by CoinGape Media highlighted the important moves Dogecoin has made.
Notably, the token recently broke through the $0.206 resistance to hit a 28-month high of $0.2288, increasing investor enthusiasm. However, with the correction seen above, DOGE price is likely to retest the broken resistance and potential support. At the same time, a sustained breakout could ease buyers pursuing the $0.27 target along with $0.3.
Also read: Crypto prices today March 30: Bitcoin dips below $70,000 as WIF reaches ATH, SOL and XRP gains
