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Dogecoin's DOGE/USD 25% drop over the past week has prompted traders to highlight buying and repositioning opportunities without changing their bullish bias for the upcoming months
What Happened: Trader XO, a well-known and influential trader, recently shared his thoughts on Dogecoins current resistance level and the possibility of a consolidation period. He noted that $0.17 is a key resistance point, and if the price can break above this level with strong acceptance and overall strength in the altcoin market, a reversal could be on the cards.
The trader also suggested that a consolidation period from a lower point might not be a bad thing, as it could give investors a chance to reposition themselves.
Altcoin Sherpa, another popular trader, also weighed in:
Also Read: Dogecoins Chart Prompts Bullish Predictions: Fun Doesnt Begin Until $0.25, Says TraderLoading… Loading…
Why It Matters: These comments from traders come at a time when Dogecoin is experiencing significant price swings. Their views have the potential to influence investor sentiment and market movements in the months to come.
According to Lookonchain data, after the recent market drop, whales stepped in to buy altcoins. One new wallet withdrew$17.43 million worth of altcoins from Binance in just three hours, including 5.3 million DOGE tokens valued at$851,000.
IntoTheBlock data shows a 5.6% decrease in daily active addresses for Dogecoin, and large transaction volume has also fallen by 26.8%. Specifically, transactions over $100,000 dropped from 992 on April 13 to 649 on April 14.
Despite the significant price drops, 82% of Dogecoin holders are still in profit. However, the 25% weekly drop has pushed Dogecoins ranking down from eighth to ninth place on the cryptocurrency leaderboard.
What's Next: The influence of meme coins andBitcoin as an institutional asset classare topics expected to be thoroughly explored at Benzinga's upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: What Happened To Dogecoin After The Bitcoin Halving Four Years Ago?
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