Arthur Hayes, one of the most important and influential names in the cryptocurrency market, announced that he will buy Dogecoin (DOGE) in the volatile market. Hayes also adds altcoin Pendle (PENDLE) to his portfolio. Here are the details…
Hayes added two altcoin projects to his portfolio
BitMEX founder and former CEO Arthur Hayes announced that he invested in two altcoins. These were DOGE and PENDLE. Currently, DOGE price is hovering around $0.1249 according to TradingView charts. DOGE, which has been declining recently, has crossed the 200-day EMA and the 50-day EMA, which are important moving averages. Due to this bearish trend, DOGE is having a hard time finding solid support. A break of the 200-day EMA, which often serves as a key support level, could mean further selling pressure.
However, the reason why Hayes wants to buy now is the RSI (Relative Strength Index), which is currently trading around 32, indicating the oversold zone. This may suggest that the sell-off may have reached its limit and a recovery is approaching. There is also an increase in transaction activity relative to volumes. This may indicate that more investors are betting at these lower price points. Especially when in oversold territory, an increase in volume is often seen as a reversal signal.
This move by Hayes attracted the attention of both DOGE and PENDLE investors. It was a matter of curiosity whether DOGE would recover in the short term and how PENDLE would perform in the coming period. These developments left their mark on the agenda of those who follow the cryptocurrency markets closely. In particular, Hayes explained that he likes the sideways and downward mobility of shitcoins in the market. He then stated that he continued to buy DOGE and PENDLE.
What does the price indicate?
Hayes’ purchase of DOGE during this period may have been a calculated strategic move, hoping for a recovery from oversold conditions. If DOGE can stabilize at these levels and find support, a return to previous resistance levels around $0.1446 and $0.1511 can be considered. Additionally, Hayes’ statement and influence could increase market sentiment by encouraging more investors, which could push the price up. However, it should be noted that DOGE’s performance will also be significantly affected by the general market situation, which is not very positive at the moment.
Hayes is a name known for announcing his investment decisions on his Twitter account. After tweeting under the username CryptoHayes, one of Hayes’ wallets was found to have purchased 92,339.6 PENDLE (approximately $554,000) through Wintermute. It is known that for this transaction, $2.05 million USDC was transferred to Wintermute and 280 ETH (approximately $1 million) and 92,339.6 PENDLE were received in return.
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