Dogecoin analysis for April 23, 2021

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Looking at the graph on the clock time frame, you can see the movement of Dogecoin in the falling channel. And, that after falling to the bottom line where Dogecoin found support and again moved to the next level at 0.25000, where we could expect the next resistance. The MACD indicator gives us a bullish signal by crossing the blue MACD line above the signal line directing us upwards.

Dogecoin

Dogecoin mania appeared as buyers for OKEk, and Huobi helped the price increase by 370% in one week. These two predominantly Chinese stock exchanges accounted for 16.9% and 15.9% of global volumes, respectively, while Binance accounted for only 5.2%.

Chinese buyers tend to view all assets through the prism of a potential investment, in stark contrast to Western investors who are more likely to make memes about performance on social media.

Dogecoin mania didn’t stop there.

The Tianyancha company information website showed that two companies tried to register the Chinese version of Dogecoin.

The Chinese name, which literally translates as “Dog-Coin,” has been the trademark of two separate technology companies in Shanghai and Changsha. According to the source, the trademark is awaiting a substantial revision.

According to IntoTheBlock’s IOMAP model, nearly 47,000 addresses that bought DOGE’s $ 12.63 billion for $ 0.32 are in loss. Therefore, the short-term jump in buying pressure will face sales pressure around this level by investors who might want to strike a balance. A similar pessimistic perspective is observed with the number of new addresses, which dropped from 160,000 to 56,000 from April 16. This drop of 65% gives passing winds for bullish momentum.

The number of transactions worth $ 100,000 or more collapsed from approximately 11,000 transactions on April 16 to 3,300 on April 21, down 70%. This waiver can be used as an indicator of investor interest. The flight of capital from the Dogecoin network gives a bearish picture of the price of Dogecoin, suggesting that these market participants redistribute their funds or earnings.

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