Loose Canon
- Dogecoin takes a plunge following April's bullish trend
- Cryptocurrency analyst Astronomer hints DOGE might have hit its lowest point, much like October 2024 before its 500% surge
- DOGE is currently hovering below $0.1750, with resistance at $0.1740
- Technical analysis reveals a bullish discrepancy pattern, suggesting a potential flip
- Mega investors have reportedly hoarded 100 million DOGE ($17.5 million) in their wallets
Dogecoin's trading price dips below $0.1750 with noteworthy resistance at $0.1780.
Last month, Dogecoin, the renowned meme-based cryptocurrency, saw a considerable drop after showing promising gains in April. The coin's price slipped below multiple support zones, testing the $0.1680 threshold with a bottom of $0.1685. This downturn has sent investor sentiments spinning back into fear territory.
However, some market observers believe that this could just be a temporary bump in the road. Crypto analyst Astronomer has speculated that Dogecoin may have hit its bottom after encountering resistance at $0.18.
The analyst draws a parallel between current market conditions and those experienced in October 2024, which preceded a staggering 500% rally up to a local high of $0.5. Given these factors, Astronomer forecasts that DOGE might push even higher this time around.
A technical analysis of the chart uncovers a bullish incongruity, particularly in the Relative Strength Index (RSI). This discovery hints at the possibility of a reversal pattern emerging.
For a bullish upswing, DOGE must smash through the $0.1780 resistance barrier. This could potentially thrust the price toward $0.1850 and eventually reach the $0.1880 mark. If momentum continues, the next significant milestone would be $0.2.
Whale Shenanigans and Accumulation
Recent data from the blockchain highlights some exciting developments among large-scale investors. Approximately 100 million DOGE tokens (worth around $17.5 million) have been shifted to the possessions of whales, indicating probable accumulation by these influential market players.
This accumulation is underscored by a surge in exchange outflows, suggesting substantial withdrawals from trading platforms. Such behavior often signifies investors moving coins to private wallets for long-term storage rather than immediate trading.
It's important to note, though, that not every metric paints a rosy picture. The trading volume has dwindled by 33.5% over the last 24 hours, though this dip might be due to regular weekend trading patterns.
Regarding the supply distribution, wallets holding between 100-1 million DOGE exhibit sell-off pressure in early April, while the 1 million-10 million and 100 million-1 billion DOGE holder groups have shown some buy-in activity.
The market capitalization has grown from $21 billion to $26.4 billion since April 6th. Interestingly, the realized cap (representing the value of all coins valued at the last price they moved on-chain) has shrunk from $21.5 billion to $21.3 billion during the same period.
This discrepancy between market cap and realized cap suggests that a portion of the past month's gains could be the result of speculative activities rather than fundamental value expansion.
On the downside, if Dogecoin fails to surpass the $0.1740 threshold, it may face another decline. Initial support can be found at $0.1685, with major support at $0.1600. A breach below this safety net could potentially send the price tumbling toward $0.1550 or even $0.1450.
The Daily Active Addresses remain at just 3.4% of their November peak, indicating subdued activity and investor enthusiasm compared to earlier highs.
Though long-term holders seem reluctant to sell, improved buying pressure and activity are vital for DOGE to embark on a significant rally. Until such improvements occur, the meme coin is likely to experience volatile price swings in the near future.
The first major goal for a potential recovery would be breaking through the $0.2 barrier, followed by $0.27, with a final target for a 100% increase lying above $0.33.
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Sidenote: Upon closer examination of the sources, it appears that there is no explicit price prediction directly attributed to "Crypto analyst Astronomer" or a detailed analysis concerning the "bullish divergence pattern" per se. Nevertheless, an overview of recent insights from prominent Dogecoin analysts and general market consensus can be found below:
Today's Current Dogecoin Price and Sentiment
- Recent Surge: Dogecoin saw a significant 15.69% price surge on May 10, 2025, breaking past $0.23– a bullish indication as open interest skyrocketed[1].
- Market Perception: Many experts predict that DOGE will trade between $0.25 and $0.30 for the remainder of 2025, with possible spikes up to $0.35 or more if broader market conditions continue to be bullish[2].
- Short-Term: For the month of May 2025, analysts anticipate the price target to range between $0.15 to $0.22, maintaining a "cautiously optimistic bias" as long as DOGE remains above the 50-day EMA[5].
- Despite the recent drop in Dogecoin's price, some finance analysts, such as Astronomer, suggest that the current market conditions might be similar to October 2024, which preceded a significant surge of over 500%.
- In the stock-market landscape, BSE (Bombay Stock Exchange) observers should kept informed about the ongoing accumulation of Dogecoin by whales, potentially signaling investing interest in the cryptocurrency.
