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Dog-themed cryptocurrency Dogecoin (DOGE) price is trading in the red alongside the majority of the crypto market. At press time, DOGE was down 2.36% in the last 24 hours to $0.222.
The crypto market is posting mixed price action in the early Wednesday session, ahead of the release of the Fed's minutes.
The Federal Open Market Committee meeting minutes from May are scheduled to be released on Wednesday at 2:00 p.m. ET, providing investors with additional insights into how the Federal Reserve is making monetary policy choices in the face of trade policy uncertainties.
In the last 24 hours, $203 million have been liquidated in various crypto assets across the crypto market, with longs accounting for $112 million, while shorts were liquidated for nearly $91 million.
Despite Dogecoin's price trading in red, its 24-hour trading volume has shown a mild uptick of 9.49%, coming in at $1.29 billion, per CoinMarketCap data.
What's happening?
Dogecoin broadly trades in a range confined by its daily moving averages of 50 and 200 at $0.191 and $0.271, respectively, indicating buying around the support and selling near the resistance.
Dogecoin's trading range has narrowed in recent days, signaling that a major move might be brewing given muted price performance. A sustained rebound would aim for an overhead resistance of $0.27. Buyers will need to break through the $0.27 level to begin the next leg of the rise to $0.30 and then $0.35.
General market sentiment will be watched; according to Glassnode, shorts are quietly building across the top 10, with the BTC funding rate flipping negative.
However, Dogecoin whale accumulation has increased, with wallets holding 100 million to one billion DOGE now controlling 26.5 billion coins, up from 22.8 billion in January.
Vladislav Sopov
U.Today Editorial Team