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Dogecoin Price Analysis: Can DOGE Bounce Back?

PBT: Nov 13, 2023 at 10:09:03 PM
Dogecoin Price Analysis: Can

Dogecoin, the widely recognized meme-inspired cryptocurrency, recently faced a 5% setback as it encountered resistance at the $0.07862 level. Despite this, current on-chain metrics suggest a potential 10% recovery in its value. Since October 18, Dogecoin has been on an upward trajectory, starting from a support level of $0.05694.

Technical analyses, including indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO), coupled with an uptick in daily active addresses and an increase in Tether (USDT) market capitalization and active stablecoin deposits, are indicating a bullish trend for Dogecoin. These positive signals hint at a possible test of the $0.08153 resistance level. In an optimistic scenario, there's potential for Dogecoin to surpass the psychological threshold of $0.08500 and aim for $0.09000.

Examining the IOMAP (In/Out of the Money Around Price) metric reveals robust support at lower price levels, with significant clusters of investors who previously acquired DOGE within the $0.070518 to $0.074543 range. This strong support zone may play a crucial role in maintaining Dogecoin's price above these levels.

While bullish indicators are prevalent, it's essential to acknowledge the possibility of increased selling pressure, potentially pushing Dogecoin's price to test the psychological level of $0.07000 or even revisiting the $0.05694 support floor if it falls below the critical $0.06756 support level.

On a positive note, a rising total open interest in USD for Dogecoin futures and an uptick in significant transactions by whales—addresses moving more than $1 million and $100,000 USD worth of DOGE—suggest a sustained upward trajectory. Additionally, approximately 377,620 addresses collectively holding nearly 58.02 billion DOGE could offer substantial buying support to counteract any downward movements. The increasing number of unique or new addresses engaged in daily DOGE transactions signals growing network activity and rising interest in the asset.

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