The basic procedure for Dogecoin remained silent after the Canadian Canadian Neptune Assets announced that it had bought one million dusks in December.
Despite the news, the market’s reaction was dull, as Dog only recorded a slight increase of 1 % over the past 24 hours.
Dogecoin is struggling to obtain traction strength
in to update On Tuesday, Crypto Crypto Company, which was generally circulated, announced that it had acquired 1,000,000 DOGE on December 27. The Digital Asset Company confirmed that the purchase process was carried out through a strategic derivative trade at an average price of $ 0.37 per code.
However, the declaration failed to push a large momentum in the market. DOGE is trading at $ 0.26 at the time of the press, indicating a slight increase of 1 % over the past 24 hours. During the same period, trading volumes remain low, indicating that the prices of prices are driven by short -term speculation trades instead of strong purchase pressure.
The total dog’s trading volume reached $ 3.37 billion over the past 24 hours, as it decreased by 50 % during that period.
When the original price rises during the low trading volume, it indicates poor purchase pressure. Less number of participants rise in the price, indicating that there is no strong demand for the meme, which makes the assembly unclean and increases the risk of reflection.
Moreover, Doge’s Chaikin Money Flow (CMF) reflects the weak demand for the leading Meme currency among market participants. To write this lines, it is less than the zero line in -0.06.
The CMF index measures pressure and selling pressure by analyzing price and size over a specified period. When its value is less than zero, the pressure pressure exceeds the purchase of pressure, indicating that there is a declining direction and another possibility on the negative side of the original.
Predicting the price of Doug: The downward pressure continues as it carries the declining direction
Since January 18, DOGE has been circulated below the descending trend line, and its value has decreased by 33 %. This pattern is formed when the original price is continuous continuous over time, which connects these points to create a drop -resistant line.
When the assets are traded without this trend line, sellers remain in control, and the total market morale is landline. A fracture above the direction line would indicate a possible reflection of the direction, but survival below indicates the continued decline pressure.
If the demand is weakening more and a declining pressure on DOGE, its price may decrease to $ 0.24. If the bulls fail to defend this level, the currency price may decrease to $ 0.19.
On the other hand, the recovery in Dog’s request will nullify this landfill. In this scenario, the currency price can reach $ 0.32.
Disintegration
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