April 13, 2024

Dogecoin (DOGE) took a big hit today, March 19, printing giant red candles. While this decline aligns with the market-wide downturn in the broader crypto market, it is partly attributed to massive sell-offs by some Dogecoin whales. 

Dogecoin trades at $0.13, down by more than 14% in the last 24 hours. So, given the ongoing market condition, will Dogecoin resume its rally, or has the bullish trend ended? Read on to find out Dogecoin’s next potential move.

Big Dogecoin Holder Selling Sends Bearish Signals

According to a March 16 report by Whale Alert, a whopping 118.40 million DOGE, valued at $19.75 million based on current market prices, got moved to Robinhood from an unknown wallet address. This big sell-off stirred up bearish sentiment within the Dogecoin market. 

However, besides Dogecoin, many meme tokens have recorded significant price declines in recent days. As a result, people are speculating whether it’s the end of the meme coin rally.

So, this latest sell-off only fueled the bearish sentiment surrounding the dog-themed meme coin. At the same time, some technical indicators are fueling speculations about a possible continued downturn in the future. 

Dogecoin’s Bearish Grip: Should Investors Brace for Further Declines?

Dogecoin’s market outlook isn’t too bright. Technical indicators suggest the bears might stick around for a while. Following the charts below, Dogecoin is above the lower channel of the Bollinger Band, indicating strong bearish momentum.

Dogecoin ($DOGE) Price Drops 14% in One Day: End of the Bullish Trend?

If the bears get even more robust and push the price below this band, DOGE will keep going downhill. The RSI is currently at 41, heading towards the oversold zone, suggesting that buying strength is dwindling as more sell-offs continue.

Also, the MACD is below its signal line, with red histogram bars, confirming a strong bearish market setup.

Dogecoin ($DOGE) Price Drops 14% in One Day: End of the Bullish Trend?

Dogecoin is also sliding toward the Simple Moving Average (SMA) line, which is below the price. With the sellers intensifying pressure, DOGE might continue on the downslide in the short term.

The good news is that this SMA line might act as support and stop the price from falling further. 

But if the bulls can’t hold their ground, the price might break through this line and keep dropping. So, should investors jump in now or wait it out? With all these bearish signals, waiting for things to calm down might be wise before diving in.

However, other buy-the-dip investors might see this as an opportunity to accumulate before the price increases again.

Overall, it’s advisable to apply proper risk management and know that timing is crucial in the volatile crypto market. Rushing into a position during a strong downtrend could lead to potential losses.

While Dogecoin has a bearish sentiment, a new player in the market is making waves, presenting an opportunity to diversify portfolios to reduce losses.

Green Bitcoin: A New ICO Raises $6.3 Million with Gamified Green Staking

Green Bitcoin (GBTC) emerged during Bitcoin’s recent surge to a new record high, raising $6.3 million in just two weeks of presale. It introduces a novel concept tagged gamified green staking.

This concept is about predicting Bitcoin trends and earning rewards for getting it right.

Anyone, whether they’re experts or newbies in crypto, can participate. All they have to do is predict where Bitcoin price is headed; if they’re correct, they win prizes. There are different ways to make predictions in Green Bitcoin, so people can use their research skills or trust their instincts.

It’s like playing a game where you try to guess the outcome, but instead of just having fun, you can make some money if you’re good at it. To get started, you need to buy some GBTC tokens. Right now, each GBTC coin trades at $1.0682, and you can buy them with Ethereum, USDT, BNB, or a bank card.

Here’s what distinguishes Green Bitcoin from others and why you should consider it;

Green Bitcoin: A Sustainable Solution for Crypto

Dogecoin ($DOGE) Price Drops 14% in One Day: End of the Bullish Trend?

It’s no news that Bitcoin consumes much energy via its proof-of-work model. This vast energy use is a problem because a lot of it comes from burning fossil fuels, which leaves a substantial carbon footprint on the environment.

But unlike Bitcoin, Green Bitcoin (GBTC) doesn’t need all that energy-hungry mining, making it eco-friendly. It is hosted on the Ethereum network and uses a proof-of-stake consensus mechanism. This means people who already own GBTC can stake it to earn rewards.

But it’s not just about being eco-friendly; Green Bitcoin’s staking system makes investors hold their coins for a while, which, in a way, puts its supply in check. More than 6.2 million tokens have already been staked on the platform. 

According to the project’s roadmap, GBTC will be listed on popular crypto exchanges. Only 50% of its supply is allocated to the presale, 20% is for staking rewards, and the rest is for marketing, liquidity, and community rewards. 

Launching in a top crypto exchange will expose GBTC to a broader audience, increasing its demand and potentially upscaling its price. So, Green Bitcoin has high growth potential based on its innovative use cases. To discover more about this project, visit its website or engage with them on Telegram or X platform.

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