Mounting worries about the fallout of crypto-focused US bank Silvergate Capital sent shockwaves through crypto markets. Bitcoin lost over 6.0% and briefly dropped below $22,000 as long liquidations hit highest level since August. Smaller projects followed in BTC footsteps and also recorded sharp declines. Dogecoin price plunged 9.0% and dropped below major support at $0.07725 which is marked with previous price reactions, 200 SMA (red line) and 78.6% Fibonacci retracement of the last upward wave. Currently buyers attempt to erase some losses, nevertheless as long as price sits below the aforementioned level, sell-off may deepen towards October 2022 lows at $0.0550. Additionally the Supply Distribution chart shows that the number of large investors, which own from 1 million to 10 million DOGE decreased significantly, which supports the bearish scenario.
Number of Doge large investors so called 'whales' has fallen sharply in recent days. Source: Santiment
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
DOGECOIN, D1 interval. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
