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The altcoin market's instability has continued to exert pressure on different assets. Dogecoin (DOGE) plunged 6.15% in the last 24 hours, almost losing all the gains it made within the last seven days. Amid these bearish signals, over 649 million DOGE have hit Binance, the largest crypto exchange.
Dogecoin battles key support levels
According to CoinGlass data, 649,331,848 DOGE, valued at approximately $116,620,000, were transacted on Binance during this period.
The spike in trading volume as the price dipped might have been triggered by market participants trying to take advantage of the price drop.
Other analysts suggest this could suggest that DOGE holders are anticipating a price reversal after this current crash withers.
Hence, to profit from the ongoing price fluctuation, some traders buy the meme coin at low prices to sell when a rebound occurs. Others might have decided to sell off to avoid further losses.
According to CoinMarketCap data, DOGE's price was changing hands at $0.1798 as of this writing. The coin has plunged from a high of $0.1945, breaching several support levels. It tests the $0.1770 support amid continued volatility in the altcoin ecosystem.
DOGE vs. Cardano: Market cap battle continues
An earlier analysis of DOGE’s price chart pegged the support range between $0.1760 and $0.1870. This prediction likely encourages market participants to continue trading the meme coin at discounted prices. A shift outside of this range might change most traders’ engagement with the coin.
Overall, the Dogecoin community remains bullish, as some believe that altcoin season is approaching.
DOGE holders appear optimistic that the price will rise again, helping it sustain its lead against Cardano in the crypto rankings by market capitalization.
The two assets have battled supremacy in the rankings, with one flipping the other, but DOGE is currently on top.