DODO Price Rally and Potential Reversal: What You Need to Know
The recent launch of Perpetual Contracts by Binance has caused the price of DODO to skyrocket by 80%. However, there are concerns about whether the price can maintain its rally or if it will dip to new lows. Here are the key points to consider:
- Binance’s announcement of the DODO/USDT trading pair for perpetual contracts led to a surge in DODO network activity and a subsequent 60% price rally.
- Despite a recent price drop, on-chain data shows that retail participants remain confident in a prolonged rally.
- The increase in retail demand has helped support the price above the $0.11 level.
- Exchange order books indicate that some DODO traders are preparing to sell, with active sell orders outweighing market demand by 3.6 million tokens.
- Based on on-chain indicators and the In/Out of Money Around Price (IOMAP) data, the DODO price is predicted to potentially drop to $0.10 in the coming days, but could rebound if it surpasses $0.16.
Hot Take: The DODO price rally may face challenges in the near future due to potential sell-offs and market demand. It remains to be seen whether the bulls can regain control and push the price higher.
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