The cryptocurrency market has been rallying over the past few days, but the buying pressure has eased in the last few hours.

Bitcoin, the world’s leading cryptocurrency by market cap, hit an all-time high of $126k on Monday but dropped to the $120k region on Wednesday.

Dogecoin has also lost 8% of its value in the last 24 hours, but traders remain optimistic of a rally amid positive fundamentals for the cryptocurrency. 

DOGE is down 8% in the last couple of hours despite positive news within the Dogecoin ecosystem.

NYSE-listed CleanCore Solutions announced on Tuesday that it now holds over 710 million Dogecoin tokens in its crypto treasury.

Thanks to this latest development, the company is now sitting on over $20 million in unrealised gains.

CleanCore began acquiring DOGE tokens last month, using proceeds from a $175 million private placement.

Its DOGE treasury effort is backed by the Dogecoin Foundation and House of Doge.

CleanCore intends to acquire 1 billion DOGE tokens for its treasury. 

While commenting on this latest milestone, CEO Clayton Adams said,

Our Treasury strategy is closely aligned with the long-term vision of insiders and the House of Doge, which emphasises expanding utility as a catalyst for broader adoption and sustained demand for Dogecoin as a global digital asset.

Market participants are also optimistic that the SEC will approve ETF filings from firms such as Grayscale and Bitwise.

The approval would usher in a new era of institutional flow into the Dogecoin ecosystem, even though the immediate focus remains on BTC and ETH.

The approval of a Dogecoin ETF will boost DOGE’s profile as a liquidity cryptocurrency, beyond its current status as a retail hype asset. 

Whales continue to accumulate more DOGE tokens despite the price slip in the last 24 hours.

They purchased 30 million DOGE tokens on Tuesday, with some analysts expecting this to mark the cycle bottom or represent an opportunistic entry before further volatility.

Similar to XRP and other leading cryptocurrencies, the DOGE/USD 4-hour chart has flipped bearish after the poor performance in the last 24 hours.

The technical indicators remain largely neutral, pointing to a tussle between the bulls and the bears. 

The RSI of 52 is above the neutral 50, indicating that buyers remain in control even though it is waning.

The MACD lines are also around the neutral zone, with no clear bias at the moment.

If the market holds the price around the $0.24 support, DOGE could bounce back and hit the $0.28 mark over the next few hours.

An extended rally would allow the cryptocurrency to target the $0.35 resistance in the coming days.

However, failure to hold the $0.24 support level could see DOGE retest the $0.22 low created on September 25.

This support level will likely provide the platform for a bounce. If it fails to hold, DOGE could dip below $0.20.

The post Dogecoin plunges 8% as market rally eases: check forecast appeared first on Invezz

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