To broaden its reach, Dogecoin (DOGE) has found a new home on the Flitpay crypto exchange in India. The exchange announced the availability of DOGE deposits and withdrawals, encouraging users to take advantage of a 1% Assured Bonus and the opportunity to reclaim deposit fees. To sweeten the deal, Flitpay is running a promotion where participants stand a chance to win 20 $DOGE each by reposting and tagging friends.
Market Analysis: Dogecoin’s Rollercoaster Ride
As for the market performance, Dogecoin is currently trading at $0.077927, with a 24-hour trading volume of $348 million, marking an impressive 40.08% surge. Despite a recent 3.21% dip, the cryptocurrency holds the #10 spot on CoinMarketCap, boasting a market cap of $11 billion.
The recent downtrend in Dogecoin’s price suggests a potential reversal for meme coins. While the past week witnessed a 7.5% decline, indicators point to a reversal rally with a promising 30% upside potential. However, the market remains volatile, with the fate of Dogecoin hinging on broader trends. If the current sluggishness persists, a break below the crucial 200-day EMA support could trigger a 17.5% decline to $0.066.
On a more optimistic note, a resurgence of positive sentiment, possibly driven by community support, could lead to a bullish reversal. If the coin breaches the $0.0877 neckline resistance, a post-breakout rally may propel DOGE by 22%, targeting $0.107.
Despite its potential, Dogecoin has faced disappointment in recent months, witnessing consistent declines. Retail investors have taken a step back due to this lack of growth, leaving the initiative with whales. After a discouraging month, investors seem hesitant, reflected in the 36.8% drop in active addresses from 217,000 to 137,000.
In response, whales are attempting a comeback by accumulating significant amounts of DOGE. Wallets holding between 1 million and 10 million DOGE have added over 140 million DOGE, worth $10.7 million, in just two weeks. With these large holders having a substantial influence on the circulating supply, their actions could determine whether Dogecoin experiences a recovery or further corrections in price.
However, Dogecoin’s journey in India and the strategic moves by whales add layers of complexity to its narrative, leaving the community eagerly anticipating the next chapter in this crypto saga.
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