One of the most important and influential figures in the cryptocurrency industry, Arthur Hayes, has announced that he will buy Dogecoin in this choppy market. Plus, he’s adding PENDLE to his briefcase.
One of the most important and influential figures in the cryptocurrency industry, Arthur Hayes, has announced that he will buy Dogecoin in this choppy market. Plus, he’s adding PENDLE to his briefcase.
The asset is currently trading at around $0.1249, according to a Dogecoin chart analysis. As of late, DOGE has been falling and has passed through several major moving averages such as the 200-day EMA and the 50-day EMA.
Based on this bearish trend, DOGE has had a difficult time finding solid support. There may be more selling pressure because the 200-day EMA, which often serves as a key support level, was broken. The Relative Strength Index, or RSI, indicates that DOGE is currently trading near 32, which could explain Hayes’ desire to buy now.
Godfrey BenjaminThis suggests that sales may have reached their limit and that a recovery may be approaching. Additionally, there has been an increase in trading activity based on volume, which may indicate that more investors are placing bets at these lower prices. Especially when the asset is in oversold territory, increased volume usually indicates a reversal.
Buying DOGE at this particular time may have been a calculated strategic move made by Arthur Hayes, who was hoping to recover from oversold circumstances. A return to the previous resistance levels of around $0.1446 and $0.1511 may be conceivable if DOGE can stabilize and find support at these levels.
Additionally, Hayes’ announcement and influence could encourage more investors and improve market sentiment, which could drive the price higher. However, it is worth noting that DOGE’s performance will also be significantly influenced by the general state of the market, which is not very positive at the moment.
