CandleFocus Dogecoin’s 14% Decline Could be Reversed by Highest Whale Inflows in a Month
2024-10-02
Author: Content Editor
Dogecoin's price has decreased by 14% in the past two days, causing some investors to question its future. However, there are indications that crypto whales are preparing for a potential price reversal, suggesting that this may be a buying opportunity. The price-DAA divergence indicator is signaling a buy signal for Dogecoin, as the number of investors actively transacting on the network has increased despite the price drop. This suggests that investors may be positioning themselves for a future rally. Additionally, whale addresses have registered large net inflows, indicating confidence in a potential price bounce. Dogecoin's current price is testing a crucial resistance level, and if it can turn this into support, it may initiate a recovery. However, if it fails to hold support, further consolidation and delays in recovery could occur.
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