Dogecoin shows some strength after market recovery, but it is still not enough
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Data from IntoTheBlock shows significant activity on major transactions. Large transaction volume has varied over the past week, peaking at 1,046 transactions on May 29, 2024, a seven-day period. Shiba Inu in Trouble, Again, Will XRP Finally Break $0.52 Resistance? Cardano Isn't Allowed to Join Bullish PartyThough there was a notable decline to a seven-day low of 718 transactions on June 2, 2024, it rebounded to 975 transactions on the final day.
Similarly astounding is the volume of these major deals. The volume reached 6.52 billion DOGE in just the last day and, on May 29, 2024, it reached a seven-day high of 8.65 billion DOGE. June 2, 2024, marked the lowest point at 4.06 billion. This increase in transaction volume may be a sign of a large holder accumulation phase which frequently precedes notable price movements. With a weekly peak of $1.
When Dogecoin encounters resistance at $0.174, it will take some serious purchasing pressure and ongoing optimism to break this level. Higher price targets and further confirmation of Dogecoin's bullish trend may be possible if it can overcome this resistance.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.
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