Dogecoin bagged a listing on Mexico’s largest crypto exchange Bitso earlier this week on 4 May. The said Latin-American exchange had listed Shiba Inu earlier in January this year. On the same day, SHIB climbed up on the charts by roughly 5.7%. Interestingly, Dogecoin’s price reacted in quite a similar fashion.
On Wednesday, the largest meme token registered an approximate 5% uptick as it climbed on the charts from $0.129 to $0.136. However, owing to Thursday’s dump, the coin re-stepped into the $0.12 range and was priced at $0.1270 at press time.
Dogecoin’s ‘ruff’ patch
Dogecoin’s price massively pumped on the back of the Elon Musk-Twitter takeover development. From the $0.17 highs, DOGE has lost more than 1/4th [25%] of its value. However, it has one crucial level that it can rely on at this stage.
The $0.124 level has acted like a strong support a bunch of times in the recent past. The same can be evidenced from the 4-hour chart affixed below.
Source: TradingView
The Dogecoin market was, however, quite bearish at press time. Participants were rampantly selling their tokens. Over the past 12 hours, over 31.6 million tokens were sold. While over the past 1 hour alone, the number stood at almost 15 million.
Additionally, per ITB’s GIOM indicator, over 464k addresses that had purchased a cumulative of approximately 11 billion DOGE in the price band of $0.006321 to $0.12688 were ‘in the money’ or profit. So, in the fear of the prices dipping even further, investors belonging to this cluster might gradually start selling their tokens and exiting the market while in profit before their RoI shrinks even further.
So, if the sell-spree continues, then market participants can keep an eye out on $0.1183 and $0.1145 as the next supports. However, if HODLers show conviction and continue to cling onto their tokens rather than jumping into the sold boat, then we might see Dogecoin consolidate for a while before it starts negating its losses.