![Why Twitter isn’t always Dogecoin’s [DOGE] friend on the price charts](https://i.headtopics.com/images/2022/11/5/cryptoamb/why-twitter-isn-t-always-dogecoin-s-doge-friend-on-why-twitter-isn-t-always-dogecoin-s-doge-friend-on-1588690810459021313.webp)
Amid reports of Twitter ceasing its crypto-integration scheme, Dogecoin [DOGE] lost over 11% of its value in 24 hours. The memecoin had surged by more than 130% following Twitter’s acquisition by outspoken DOGE supporter Elon Musk, Binance‘s support for the buy-out, and a brief market recovery. Here’s AMBCrypto’s Price Prediction for Dogecoin for 2022-2023 Now, […]
With large transactions, investors might have expected DOGE to stabilize or, at worst, decrease minimally. However, those were not the circumstances that followed. In fact, according to Santiment, the market might have taken back the profit recorded by investors during the most-recent rally. This was due to theThe on-chain analytics platform showed that the thirty-day MVRV ratio plunged from 39.81% on 29 October to a miserly 4.47%.
Additionally, DOGE short-term investors might have also had an impact considering the possibility of sell-offs after making high gains within a short period.Considering this position, it is evident that DOGE whales had little impact on what was effectively an uptick. However, the MVRV ratio was not the only affected victim.It’s a November fall seasonthat the 4.05 billion value on 2 November dipped significantly. At press time, Dogecoin’s one-day circulation was 286.11 million.
In similar circumstances, DOGE’s volume fell by 27.10%. With a value of $2.81 billion, it became glaringly clear that Twitter’s hesitation alone might not be the sole reason for the plunge. Hence, the dip volume signified that investors had an effect on Dogecoin’s aggregate profit or loss transactions.On the four-hour chart, it did not seem like DOGE was near recovery. This, because the coin continually lost its support zone, falling from $0.1254 to $0.1147 at press time.
In addition, the Moving Average Convergence Divergence indicated that sellers were now in command. Besides the selling power, the 12 to 26 EMA remaining below the histogram midpoint almost certified that DOGE might be bearish in the short term.Subscribe to get it daily in your inbox.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Widespread Twitter layoffs begin a week after Musk takeoverTwitter began widespread layoffs Friday as new owner Elon Musk overhauls the social platform.
Read more »
Elon Musk’s Twitter takeover: a timelineA week after acquiring Twitter, Elon Musk begins orchestrating global layoffs of staff, including employees at the company's Canadian office. Here's a look back at everything that's happened so far:
Read more »
Volkswagen tells brands to pause paid advertising on TwitterVolkswagen tells brands to pause paid advertising on Twitter — via drivingdotca AutoNews IndustryNews Twitter
Read more »
Twitter lays off a bunch of staff in Toronto after Elon Musk takes overIn a significant blow to Toronto's usually flourishing tech sector, another industry giant has laid off hundreds of people across Canada, including...
Read more »
Twitter layoffs hit Canadian office with two most-senior leaders part of cutsTwitter\u0027s massive layoff push has swept up the two most\u002Dsenior leaders at the company\u0027s Canadian offices. Read more here.
Read more »