Major Exchange Creator Announces Purchase of Dogecoin (DOGE)

One of the biggest and most influential figures in the cryptocurrency industry, Arthur Hayes, has announced that he is going to buy Dogecoin in this choppy market. Additionally, he is adding PENDLE to his portfolio.

The asset is presently trading at about $0.1249, according to an analysis of the Dogecoin chart. In recent times, DOGE has been declining and has passed through several significant moving averages, such as the 200-day EMA and the 50-day EMA. 

According to this bearish trend, DOGE has been having trouble finding solid support. There may be more selling pressure because the 200-day EMA, which frequently 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.

This suggests that the selling may have reached its limit and that a recovery may be approaching. Furthermore, there has been an increase in trading activity based on the volume, which may indicate that more investors are placing bets at these lower price points. Especially when the asset is in oversold territory, increased volume frequently signals a reversal. 

Purchasing DOGE at this particular moment may have been a calculated strategic move made by Arthur Hayes, who was hoping for a recovery from the oversold circumstances. A return to the earlier resistance levels around $0.1446 and $0.1511 may be conceivable if DOGE can steady and find support at these levels. 

In addition, Hayes’ announcement and influence could encourage more investors and improve market sentiment, which could raise the price. It is noteworthy, though, that DOGE’s performance will also be significantly influenced by the general state of the market, which is not very positive right now.

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Arman Shirinyan