This sudden burst of sales pressure among miners has put Dogecoin Price under pressure, hovering around $0.17 at press, according to on-chain data shared by analyst Ali Martinez.
Elon Musk is enthusiastic about supporting Dogecoin due to its low transaction fees and Meme-driven appeal. In April 2021, he called Meme Coin “People’s Crypto” and also included it in payments linked to Tesla and SpaceX.
According to encrypted metrics, miners fit the larger context of the general downtrend in Dogecoin prices. Doge has fallen sharply from its mid-February high from over $0.30, with continued price action indicating further decline over the past month. As sales pressure continues to rise, Dogecoin can test its support level at nearly $0.15.
Miners who settle a larger substantial amount usually implies concerns about profitability or market pressure, primarily due to low-cost stability.
But Trader Tardigrade says Doge can see a recurring pattern of nine years of bullishness. On March 14, the traders took him to X and said, “A massive surge in Dogecoin is coming.” This cycle, seen in 2017 and 2021, consists of significant breakouts following the correctional stage, which could lead to a surge in parabolic prices. If this trend applies, Dogecoin may see another significant surge. Perhaps you’re aiming for more than a dollar over the long term.
Doge’s current price measures continue in a period of wider crypto market-wide volatility driven by macroeconomic conditions such as inflation fear, Fed policy pivots and liquidity withdrawal.
According to analysts, every time a recession occurs across Bitcoin and the market, Altcoins such as Dogecoin usually experience an increase in volatility.
Outside of minor activities, macroeconomic concerns about inflation, Fed behavior and tightening liquidity have put pressure on wider Altcoin performance, including Doge.
The indicators of long-term cycles appear to suggest that despite the ongoing sales pressure, the rally may be approaching.
Doge can recover in the short term if the buyer intervene and stabilizes above $0.17. On the other hand, there is a deeper risk of diving before there is a serious rebound in drops under support.
Disclaimer: The information provided in this article is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a qualified financial advisor before making an investment decision.