Bitcoin Shows Reverse Kimchi Premium in Korean Market

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

DOGE-0.223%

SOL-0.464%

BTC+0.654%

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Bitcoin Price Fluctuation: As of May 24, 12:00 AM KST, Bitcoin (BTC) was trading at 113.22 million KRW on South Korea's Upbit exchange, down 0.11% from the previous day, indicating weakened demand and potential investor confidence issues.
Reverse Premium Phenomenon: Bitcoin's price on global exchange Binance was 114.54 million KRW, resulting in a negative price gap of 1.32 million KRW and a reverse kimchi premium of -1.15%, reflecting pricing discrepancies that could impact arbitrage strategies.
Ethereum Performance: Ethereum (ETH), the leading altcoin, recorded a -1.17% reverse premium, suggesting negative sentiment towards major cryptocurrencies, which may lead investors to reassess their portfolios.
Discounts on Other Altcoins: Other major altcoins like Solana (SOL) and XRP traded at discounts of -1.24% and -1.17%, respectively, indicating a cautious market sentiment towards cryptocurrencies that could affect future market liquidity.

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Technical Analysis for DOGE

Technical Sentiment Analysis for Dogecoin (DOGE). As of , Dogecoin (DOGE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Dogecoin (DOGE) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0807	0.089	0.0968	0.105	0.113	0.121	0.129
Fibonacci	0.089	0.0952	0.099	0.105	0.111	0.115	0.121

About DOGE

Dogecoin (DOGE) is based on the popular 'doge' Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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