Dogecoin Whales Accumulate, SOL Hints at Consolidation as Market Takes a Breather
Bitcoin (BTC) and major cryptocurrencies fell over 3% as profit-taking followed Tuesday's rally.
Overall crypto market capitalization fell 3.3% in the past 24 hours, with BTC sliding to nearly $83,500 from a high above $84,200 a day earlier. Ether (ETH) and Cardano's ADA fell as much as 5% to lead losses among majors.
The cryptocurrency market added 8% over 7 days, stabilising at the $2.7 trillion level since Saturday.
FxPro's Alex Kuptsikevich says a move higher could bolster hopes for further gains, but these expectations will 'only be confirmed after a solid consolidation above the 200-day moving average, which is now near $2.97 trillion.'
"Bitcoin continues its cautious rise, trading above its 50-day moving average and reaching $85,700. This is an important technical attempt to reverse the downtrend. Interestingly, the 200-day average is quite close, so a second confirmation of a trend change could come quite quickly,' Kuptsikevich said, adding that bitcoin had entered a resistance accumulation zone where the 'strength of the initial rebound may fade.'
Solana's SOL is showing strength in a downtrodden market, making it ripe for a move higher if overall conditions improve.
'Solana is recovering faster than many of the major altcoins, trading at its 50-day moving average near $130. A consolidation above this level will open the way to $145, the area of previous peaks. A sustained move above them will signal a break of the downtrend and could lead to a move towards $180,' Kuptsikevich noted.
On a more pessimistic approach, prominent market chartist Peter Brandt is not optimistic about bitcoin setting new highs in the current cycle.
'A trendline violation does NOT signify a transition of trend BTC Sorry,' the trader noted said in an X post in response to sentiment for a bullish rebound.
Trendlines are a subjective price-action analyst method and less dependable than moving averages or key levels. A break, used in tandem with technical analysis, could hint at a change in movement.
Here's what AI-driven market insights for some majors look like on Wednesday.
Dogecoin whales have accumulated over 800 million DOGE in the last 48 hours, signaling potential confidence in the asset's short-term prospects, data shows.
DOGE is currently trading at a critical juncture around $0.154-$0.155, with immediate resistance at $0.157 and crucial support at $0.153 that must hold to prevent further decline.
DOGE experienced significant volatility, reaching a peak of $0.169 before entering a pronounced downtrend with lower highs and lower lows since April 14th.
Support levels established around $0.155 have been repeatedly tested, with volume spikes coinciding with major price movements.
The 48-hour Fibonacci retracement shows price currently hovering near the 0.618 level, suggesting potential consolidation before the next directional move.
A sharp selloff occurred between 05:19-05:24, with price plummeting 1.1% in just five minutes on exceptionally high volume (15.3M in a single minute).
The subsequent bounce formed a potential double bottom at $0.153, with price currently consolidating around $0.154.
Volume analysis shows clear distribution before the drop and accumulation during the recovery attempt.
Recent price action shows SOL navigating volatility as geopolitical factors create market uncertainty.
Solana (SOL) experiences significant price volatility, consolidating between $125-$132 after a 13.7% surge from $119.59 to $136.01.
Solana leads decentralized exchange (DEX) volumes, outpacing Ethereum for three consecutive days with $2.43 billion in trading activity.
Recent trading shows SOL consolidating between $125-$132, with key support established at $125.25.
Volume analysis reveals diminishing buying interest after the initial rally, suggesting market indecision.
The 50-hour moving average at $129.80 now serves as a critical pivot point.
Fibonacci retracement levels indicate potential support at $127.40 (38.2%) if current levels fail to hold.
ADA experienced significant volatility, surging from $0.618 to a peak of $0.667 (8.0% range) before undergoing a substantial correction.
Recent trading shows ADA consolidating between $0.605-$0.615, with increased volume during downward movements suggesting continued bearish pressure.
Trading data reveals increasing volume during downward price movements, suggesting persistent selling pressure despite oversold conditions on 48-hour momentum indicators.
While some accumulation appears to be occurring at lower levels, potentially forming a base for recovery, ADA now faces significant overhead resistance from the 200-hour moving average.
The 200-hour moving average now acts as overhead resistance, reinforcing the bearish trend. 48-hour momentum indicators reveal oversold conditions, potentially offering short-term relief.
Volume increased significantly during downward movements, confirming selling pressure.
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