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Dogecoin (DOGE), the largest dog-themed cryptocurrency by market capitalization, is seeing a whopping $1.09 billion in large transaction volume.
According to IntoTheBlock, Large Transaction Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume indicate increased activity among institutional players, either buying or selling.
In the last 24 hours, Dogecoin has reported $1.09 billion in large transaction volume, equivalent to 8.61 billion Dogecoin in cryptocurrency terms.
Bitcoin fell to lows near $65000 in Tuesday's trading session as traders weighed hints that the U.S. government may sell some of its massive cryptocurrency holdings. The U.S. Treasury amassed billions of dollars in seized cryptocurrency as a result of crackdowns on dark web marketplaces such as Silk Road.
Tomiwabold OlajideDogecoin was not exempted from the bearish market trend as it traded in red at press time.
DOGE price action
After four consecutive days of declines, Dogecoin bounced off the 50-day SMA at $0.123 in today's early session, indicating that the bulls might be attempting to flip the level into support.
Dogecoin was still losing value at the time of writing since the impact of the bulls' attempt to stave off bears was yet to be seen. Dogecoin is currently down 3.16% in the last 24 hours to $0.125, and down 5.42% weekly.
If bulls succeed in flipping the daily SMA 50 into support, Dogecoin's price may witness a relief rally that targets the daily SMA 200 at $0.134. If a sustained breach happens, buyers may attempt to push the price above $0.14, beginning an upward trend toward $0.18.
Dogecoin bears might have different plans. They will attempt to lower the price below the firm support of $0.12. If they succeed, selling could increase, and Dogecoin could fall to $0.10.
Alex Dovbnya
