Dogecoin price performance in September was unimpressive due to declining investor interest in the broader meme-coin markets. Altcoin projects in emerging sectors like Real World Assets and Telegram Bot tokens stole the show. Thus, social sentiment surrounding DOGE has gradually declined. Is this a signal for whale investors to step in and buy the dip? crypto analyst Ibrahim Ajibade, It looks at the future of DOGE, beloved by Turkish crypto investors.
DOGE whales maintain neutral stance in September
The Fed interest rate pause triggered bullish headwinds in crypto markets. Despite this, the altcoin price remained at $0.06 in September. On-chain data shows that whale investors have kept daily transactions in the range of 19 billion to 14 billion DOGE since September.
Whale Transaction summarizes the total value of trades exceeding $100,000 on a given trading day. This decline in major trading volumes means that DOGE whales have cooled their trading activity this month. As we see, this has affected the liquidity and fluidity in the DOGE spot markets. This played a very important role in keeping the altcoin price stagnant in recent weeks. However, with DOGE social sentiment trending negatively, whales could create a breakout in Dogecoin prices if they increase their trading activity.
Social sentiment for the altcoin is currently in a negative trend
cryptokoin.comAs you follow from , Dogecoin holders have become dissatisfied with the dismal price movement. In this vein, the chart below reveals how DOGE-dominated sentiment has trended deeply into negative territory since the beginning of the month. After weeks of underperformance, it is currently in the red zone at -0.56 as of September 21.
The Weighted Sentiment metric evaluates the overall sentiment within a particular Blockchain ecosystem. Essentially, it weighs the total number of positive comments about the altcoin project against negative comments. When Weighted Sentiment trends to the downside in the midst of a neutral price movement, strategic investors may interpret the growing panic as an excellent time to buy the dip. DOGE price is currently under downward pressure. Therefore, it is possible that whale investors will consider this as a vital signal to take action.
DOGE price prediction: $0.08 is a reasonable target for the altcoin!
It is possible that the current bearish trend surrounding meme-coin markets may encourage whales to buy the dip. If the premise holds, $0.08 is a viable target for the bulls. Meanwhile, the Exchange On-chain Market Depth chart, which shows the price distribution of current active DOGE orders, also confirms this positive outlook. As you can see below, market demand for the altcoin project has outstripped supply around current prices.
However, strategic crypto traders placed orders to sell 153 million DOGE when the price increased by 20% to $0.075. If they execute sell orders, it is possible that they will significantly slow down the DOGE price rally. However, if the whales intensify their trading activities as expected, the bull could reverse this resistance level and push the rally towards $0.08.
Conversely, if bearish pressure remains dominant, it is possible for the altcoin price to drop towards $0.050. However, as you see in the chart above, crypto traders opened orders to buy 187.2 million DOGE if the price fell 10% to $0.056. Given rising market demand, they will likely spark a recovery. However, if this DOGE support level breaks, the bears are likely to force a move below $0.050.
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