Dogecoin (DOGE) Price Stability and Increased Trading Volume

Observers of market trends maintain this price slip might be a good omen for Dogecoin price. With a declining price, sell pressure might grow as investors

Dogecoin (DOGE) has experienced a significant price decline in the cryptocurrency market. The sharp drop has seen the first memecoin slip by over 7% in price performance.

As observed within 24 hours, the DOGE price has dipped by 8.13% to $0.1443. This figure underscores the massive bearish sentiment within the community as the asset continues to slip from its highs.

As selling pressure increases and prices fall, investors should be on the lookout for important events that could impact performance.

It is worth noting that this price drop could be a good omen for Dogecoin price. As the price falls, selling pressure may increase as investors look to sell memecoin. If this happens, prices may fall even more sharply.

However, the bright spot in this scenario is that DOGE price could hit the floor sooner and be ready for a rebound. Once DOGE hits a key support level, this asset is likely to continue rising. If we are lucky and the bullish sentiment supports it, the rally from $0.14 will be quick and the price will skyrocket.

Despite falling more than 8%, Dogecoin price maintained a slight increase of 1.76% over the past 7 days. Over the past 30 days, Dogecoin recorded an upward trajectory of 32.55%. This suggests memecoin is relatively stable and has not crashed below its monthly low of $0.1033.

Additionally, Dogecoin's market volume increased by more than 15%, reaching $1.85 billion. This shows that interest in this coin continues despite the price drop. Additionally, a renewed interest may mean that the price declines will not last long, pushing us back on a bullish path.

Will the transfer of DOGE promote price increases? Meanwhile, Dogecoin users can currently make transfers on the cryptocurrency platform Robinhood. This comes as Robinhood aims to expand its cryptocurrency services. According to Robinhood's update, users can deposit and withdraw DOGE and earn a 1% bonus. This offer is valid until the end of November.

This notable development for Robinhood and Dogecoin comes after the trading platform took significant steps towards regulatory compliance. Earlier this year, Robinhood's crypto division received a notice of wells from the U.S. Securities and Exchange Commission (SEC).

While the platform is known to be popular with whales for its commission-free services, regulators have taken notice of some services. It alleged that the exchange facilitated securities trading and may have violated federal law.

However, Robinhood appears intent on bringing some of its services up to regulatory standards and restoring user trust in its platform. Therefore, reintroducing Dogecoin transfers on Robinhood, especially with bonus incentives, will likely boost DOGE's performance. This could lead to a surge in DOGE transfers and an increase in the price of the asset.

Analysts predict Dogecoin's ATH As investors continue to monitor Dogecoin's price, analysts predict that the next all-time high (ATH) will occur in 2025. This prediction is based on historical precedent for Dogecoin. Typically, data shows that DOGE tends to spike in the year following a Bitcoin halving as the two assets decouple.

This knowledge may be of interest to investors with less than two months left until 2024 ends. If this happens, it will help DOGE record a rebound soon.

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