Dogecoin (DOGE) Bulls Dominate the Market Despite a Recent Price Decline

Dogecoin [DOGE] was gaining attention from crypto enthusiasts despite a recent price decline. Following the rate cut announcement and the anti-crypto stance by Jerome Powell, the Fed Chair, market sentiment shifted. This resulted in a significant sell-off in the crypto market.

Dogecoin [DOGE] price analysis for March 8 reveals a strong bullish sentiment among traders and investors. Following the recent rate cut announcement and anti-crypto stance by Jerome Powell, the Fed Chair, market sentiment shifted, resulting in a significant sell-off in the crypto market.

Rising interest in Dogecoin

Amid the market sell-off, DOGE has experienced a price decline of over 13.5%. However, despite this decline, whales and long-term holders have shown strong interest in the meme coin, according to on-chain analytics firm Coinglass.

Data from DOGE’s Spot Inflow/Outflow revealed a significant $150.03 million worth of DOGE outflow from exchanges across the cryptocurrency market.

The outflow is an on-chain metric showing how much DOGE whales and long-term holders have withdrawn from exchanges. These metrics suggest potential upside momentum and an ideal buying opportunity.

In addition to long-term holders’ participation, traders are strongly optimistic about the meme coin. Coinglass’s Binance DOGEUSDT Long/Short Ratio is 4.93, indicating strong bullish sentiment among traders.

Currently, 83.15% of top traders on Binance hold long positions, while 16.85% hold short positions.

Technical analysis and key levels

With this strong bullish sentiment among traders and investors, DOGE has managed to stay above the crucial support level of $0.345. According to AMBCrypto’s technical analysis, DOGE still appears bullish, and with continued support from traders and investors, the meme coin has begun moving upwards on the daily time frame.

Based on technical analysis, if DOGE holds above $0.345, it could potentially soar by 25% to reach the next resistance level of $0.45.

Combining these on-chain metrics with technical analysis, it appears that bulls are currently dominating the meme coin. This dominance is protecting it from further price decline.

Read Dogecoin [DOGE] Price Prediction 2024-2025

At press time, DOGE was trading near $0.36 and has experienced a price decline of over 4.65% in the past 24 hours.

During the same period, its trading volume increased by 51%, indicating heightened participation from traders and investors compared to the previous day.