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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Dogecoin Defies Crypto Market Crash: Analyst Says It Looks ‘Incredible’

Jake Simmons
Jake Simmons
10 months ago
3 mins read
Dogecoin price analysis news

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The crypto market has seen the largest leverage flush out since April 2021 yesterday, December 9, as reported earlier today. Amidst the market shakeout, Dogecoin (DOGE) is one of the altcoins which is displaying significant signs of strength. In a post on X, crypto analyst CRG (@MacroCRG) argues that the DOGE price is showing “incredible” signs of resilience compared to the broader altcoin market.

Here’s Why Dogecoin Looks ‘Incredible’

Despite the market downturn, Dogecoin managed to maintain the most crucial support level. CRG shared the below chart and commented, “DOGE looks incredible. Whole market shat itself but it barely flinched + didn’t break structure. Now funding has completely reset and a ton of OI has been washed out. Won’t be long until this is trending hard again IMO.”

Dogecoin price analysis
Dogecoin price analysis | Source: X @MacroCRG

The chart reveals several critical insights that support his optimistic outlook for DOGE. Firstly, Dogecoin maintained a crucial uptrend line in the 4-hour chart (DOGE/USDT). This trend line has acted as a dynamic support level which the Dogecoin price has touched but not fallen below on three separate occasions since mid-November.

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Each touch of this trend line triggered a rebound for the Dogecoin price, suggesting strong buyer interest at these levels. This alignment with the uptrend line is crucial because it indicates not only support but also growing confidence among investors each time the price dips to this line and subsequently recovers.

Resistance, on the other hand, formed near the $0.47 mark. This level has been tested multiple times, and each attempt to break through has been met with resistance. The repeated tests of this resistance level without a breakthrough could typically suggest a consolidation phase, potentially building up for a stronger move upward if the market sentiment shifts positively.

Furthermore, the chart shows a notable reduction in open interest in stablecoin-margined contracts. According to Coinglass data, $86.29 million in DOGE long positions were liquidated on December 9, the highest since the bull run of 2021.

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This reduction in open interest presents a major ‘washout’ of speculative positions, typically viewed as a market reset where weaker hands exit, and the excess leverage is reduced. Notably, this cleansing of market participants could be another hint that a more sustainable upwards move is brewing.

Another vital aspect shown in the chart is the reset of funding rates to lower levels, which is significant as it reduces the cost of holding long positions. Lower funding rates can encourage new buying activity, especially from participants who were previously sidelined due to high costs associated with maintaining leveraged positions.

CRG’s analysis also includes an observation on the Cumulative Volume Delta (CVD) for both futures and spot markets. The CVD for futures has moved below that of the spot market, indicating that futures traders might be taking more bearish positions or closing existing positions more aggressively compared to spot traders. This divergence suggests that the spot market, which is generally less speculative, retains bullishness, while acting as a buffer against the bearish futures markets.

At press time, DOGE traded at $0.40.

Dogecoin price
DOGE needs to reclaim the channel, 4-hour chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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