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In a major move, whales have taken advantage of the recent market downturn to acquire large amounts of cryptocurrencies.
Dog-themed cryptocurrency, Dogecoin, is benefiting from this trend, with large holders referred to as whales scooping up its recent dip. According to crypto analyst Ali, "Whales bought 460 million Dogecoin (DOGE) in the recent price dip."
The recent market dip pushed Dogecoin to lower levels, making it an appealing purchase for long-term holders looking to acquire at discounted pricing. Bitcoin dipped below $99,000 early Monday as traders booked profits ahead of this year's first Federal Open Market Committee meeting in the United States.
Tomiwabold OlajideDogecoin likewise fell, dipping to lows of $0.305 in yesterday's trading session, extending Sunday's drop. Dogecoin began to fall after reaching highs of $0.434 on Jan. 18. Bulls attempted to stop the downtrend, pushing Dogecoin to highs of $0.401 on Jan. 21, but they were soon overpowered by the bears, and the declines commenced again.
The recent drop has caused Dogecoin to stagnate under its moving average 50 at $0.3574, underneath where it trades currently. The first sign of strength will be a break above this key level, in which Dogecoin might ascend to $0.40 and then to $0.43.
On the other hand, if the support at $0.305 fails, Dogecoin might drop to $0.27 and then to $0.23.
What's ahead for crypto markets?
Cryptocurrencies rebounded in the early Tuesday session as investors anticipated the Federal Reserve's first meeting of the year when interest rate decisions will be made. Dogecoin was mirroring this rise, up 6.47% in the last 24 hours to $0.334.
Investors are looking forward to the upcoming Federal Open Market Committee meeting, which will take place on Tuesday and Wednesday, and will closely monitor as the Fed delivers its latest monetary policy decision. However, expectations for a rate decrease remain low, with the Fed indicating at its last December meeting that only two rate cuts are planned for 2025.
According to the CME Group's FedWatch Tool, traders have priced in a more than 97% chance that interest rates will remain steady.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Godfrey Benjamin
Dan Burgin
Vladislav Sopov