Price Analysis

Dogecoin Price Continues To Dip! Is The $1 Target Still Feasible?

Highlights

    Dogecoin price continues to dip miserably along with the other major crypto assets

    Yet the price tries to consolidate around a specific range and attempting hard to fly towards north

    In the coming days, the price may flips the bears and surge high in case a specific zone is smashed within a specified time frame

Dogecoin price since the recent dip below $0.25, recovered the losses at a greater pace, yet trading within a very narrow range. No doubt, Tesla CEO Elon Musk’s yet another attempt to uplift the price was quite successful, yet the price appears to be slowly moving south.

Amid the bearish divergence of DOGE price, the dogecoin whale which holds nearly 28.33% of the total supply, accumulated more during the dip. The only address which holds more than 36 billion DOGE worth more than $11 billion, has bought more recently.

doge whales

Moreover, the top 10 DOGE whales seem to be busy accumulating more during the dip. As per bitcoininfocharts.com, nearly 3 billion DOGE which were cashed out by weak hands were bought by the whales in the past weeks.

As a huge amount of assets is bought and held, it may have impacted the price to some extent. The price in the past week maintained a sideway trend and sustained strongly above $0.3. However the majority of the assets plunged heavily touching the rock bottom levels.

With the continued trend, the price may get enough boost in coming days, propelling the price towards the ATH. The fork of Bitcoin, however, in coming days may surge with a decent margin. And eventually become the future of crypto space as said by Tim Cook, a popular analyst.

Overall, the entire crypto space is painted in deep red sustaining consecutive crashes from the past couple of days. Many assets including Bitcoin, Ethereum, XRP, etc, have drained up more than 30% of their value gained in 2021. Yet DOGE price manifesting a completely different scenario, sustained hard above $0.3 with less than 15% loss since ATH. And therefore dogecoin price may swell to form new highs in coming days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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