In the cryptocurrency space, memecoins like PEPE and Dogecoin (DOGE) have created a frenzy, captivating both trader interest and major trading volumes. Recently, DOGE hiked after resisting a critical support level, igniting new interest amongst the holders.
On the other hand, PEPE has experienced a downside of sell-off, keeping it in an uncertain market position. Meanwhile, a new AI-driven platform, committed to provide its users a next-generation trading experience with advanced technology features that make it apart from its competitors.
Dogecoin (DOGE): A $3 Billion Buying Surge and Renewed Upward Momentum
Dogecoin has recently gathered traders’ attention with a significant buying spree worth more than $3 billion. A key catalyst to boost this momentum was the bounce off of DOGE from a critical support level at $0.14.
According to a top crypto expert, this “red level” has converted from a resistance point into a major support, increasing DOGE’s potential for more gains. Within hours, DOGE hiked to $0.16, reflecting a 16% surge that showed the renewed bullish sentiment amongst traders.
Data also highlights the excitement around DOGE as over the past week, centralized exchanges went through a rush of 350 million DOGE, totaling to $51 million in net inflows. Major traders shifted a striking 15.5 billion DOGE in huge transactions, resulting in $3.46 billion in worth. This wave of activity recommends that whales and institutional investors may be expecting higher value targets for Dogecoin.
PEPE’s Bearish Outlook: Diminished Volume and Trader Sentiment
Contrasting DOGE’s rally, PEPE’s performance has gone downhill significantly. After breaking below the crucial $0.000010 level, PEPE has continued to decrease, with its worth hovering around $0.0000089.
Daily trading volume has gone down to $485 million, indicating waning trader interest—a clear difference from its higher activity levels in late September. Moreover, derivative markets show this cooling sentiment, with open interest in PEPE contracts declining across major exchanges.
Technically, PEPE indicates signs of further downside. The formation of a bear flag on the 4-hour chart suggests a potential additional drop, with the next support level at $0.0000079—a decrease of 12% from current levels. <
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Author: Adrian Barkley
