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According to data from the on-chain analytics platform IntoTheBlock, Dogecoin is reporting 7.72 billion Dogecoin in large transaction volume, an indicator that denotes whale activity.
Large transaction volumes for Dogecoin came to 7.72 billion Dogecoin or $1.23 billion in 24 hours. This figure, though impressive, however marks a 33.39% decrease within this time frame.
The Dogecoin price was trading in the red, posting significant losses in the last 24 hours. At the time of writing, DOGE was down 5.03% on a daily basis to $0.152 as the market continued to face a sell-off.
Bitcoin (BTC) fell around 2% in the last 24 hours due to ongoing profit-taking that continued into the weekend, causing a broader market retreat that resulted in the liquidation of over $235 million in bets. A total of $194.77 million accounted for long liquidations, or bets against lower prices of which Dogecoin saw $8.59 million.
Likewise, the widely-watched Fear and Greed Index, a sentiment and volatility tracker for the cryptocurrency market, is currently showing “greed,” implying that prices could fall lower.
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The index attempts to quantify emotional responses in the cryptocurrency market, hinting that extreme fear may indicate buying opportunities, whilst extreme greed may indicate an impending market correction.
What’s next for Dogecoin price?
Dogecoin’s failure to cross above $0.18 on Oct. 29 prompted short-term traders to book profits. Since this day, Dogecoin has marked four out of five days in red.
Despite the profit-taking, Dogecoin is 11% higher weekly. As it stands, Dogecoin is struggling to stay over $0.15. A strong comeback from $0.15 could indicate that the bulls have switched the level into support. Buyers might make another attempt to push Dogecoin above $0.18. If that happens, Dogecoin may reach $0.21.
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However, if the DOGE price falls below $0.14 in the short term, this favorable outlook might be invalidated. The 50-day SMA at $0.12 is expected to provide the next level of support on the downside.