Dogecoin Down 25% In Past Week, But 'If You Get A Chance To Buy It In The High $0.10s, Buy It,' Says Trader

Author: Khyathi Dalal | April 15, 2024 02:17pm

Dogecoin's (CRYPTO: DOGE) 25% drop over the past week has prompted traders to highlight buying and repositioning opportunities without changing their bullish bias for the upcoming months  

What Happened: Trader XO, a well-known and influential trader, recently shared his thoughts on Dogecoin’s current resistance level and the possibility of a consolidation period. He noted that $0.17 is a key resistance point, and if the price can break above this level with strong acceptance and overall strength in the altcoin market, a reversal could be on the cards.

The trader also suggested that a consolidation period from a lower point might not be a bad thing, as it could give investors a chance to reposition themselves.

Altcoin Sherpa, another popular trader, also weighed in:

$DOGE: if you get a chance to buy in the high 10s like $.107 or something, buy it. This is going to do stupid #s later this year pic.twitter.com/MX29njsm37

— Altcoin Sherpa (@AltcoinSherpa) April 15, 2024

Also Read: Dogecoin’s Chart Prompts Bullish Predictions: ‘Fun Doesn’t Begin Until $0.25,’ Says Trader

Why It Matters:  These comments from traders come at a time when Dogecoin is experiencing significant price swings. Their views have the potential to influence investor sentiment and market movements in the months to come.

According to Lookonchain data, after the recent market drop, whales stepped in to buy altcoins. One new wallet withdrew $17.43 million worth of altcoins from Binance in just three hours, including 5.3 million DOGE tokens valued at $851,000.

IntoTheBlock data shows a 5.6% decrease in daily active addresses for Dogecoin, and large transaction volume has also fallen by 26.8%. Specifically, transactions over $100,000 dropped from 992 on April 13 to 649 on April 14.

Despite the significant price drops, 82% of Dogecoin holders are still in profit. However, the 25% weekly drop has pushed Dogecoin’s ranking down from eighth to ninth place on the cryptocurrency leaderboard.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: What Happened To Dogecoin After The Bitcoin Halving Four Years Ago?

Image: Shutterstock

Posted In: $DOGE