Dogecoin value is aiming for a 35% enhance as this on-chain metric provides DOGE tailwind – FXStreet

Advertisements
  • Dogecoin price indicates an increase when it bounces off the demand zone and is between $ 0.262 and $ 0.281.
  • The increasing buying pressure should push DOGE up by 35% to 0.367 US dollars (0.37 euros).
  • Transaction data shows that DOGE can move up to $ 0.367 freely.

The Dogecoin price is in a support cluster that will most likely push it to break any immediate resistance barriers. In addition, there are the on-chain key figures, which also paint an optimistic picture for DOGE.

Dogecoin Price Expects Explosive Growth

Dogecoin price is down about 22% in the past 16 days, showing that a reversal is likely. The main reason the boom is emerging here is the demand zone, which stretches from $ 0.262 to $ 0.281. This barrier was a significant resistance barrier in late June and a massive line of support from early May to mid-June.

Hence, investors can expect a bullish reaction fueling DOGE as buyers make a comeback.

The $ 0.328 level is the first resistance barrier the bulls will encounter. After that, the Dogecoin price will retest $ 0.367, which is about a 35% rally from the current position. While another uptrend to $ 0.40 is likely, it could be short-lived.

DOGE / USDT 12 hour chart

This uptrend to $ 0.367 is supported by IntoTheBlock’s Global In / Out of the Money (GIOM) model, which has a relatively small zone of resistance.

Approximately 25,220 addresses who bought 3.15 billion DOGE at an average price of $ 0.296 are the only group of underwater investors preventing the Dogecoin price from spiking. However, this area is relatively small compared to the surrounding areas.

Hence, a potential increase in buying pressure will easily break through these barriers and target subsequent supply zones.

DOGE GIOM CHART

DOGE GIOM CHART

While technical and transaction data suggest a bullish outlook, the number of new addresses joining the Dogecoin network has dropped by a minute.

This metric saw a 16% decrease from 23,830 to approximately 20,000 users last month. While that change is still negative, it’s not a huge number that upsets the bullish outlook. Therefore, investors need to keep a close eye on this metric.

DOGE daily new address table

DOGE daily new address table

A rise to $ 0.367 seems plausible. However, if the bears break the lower trend line of the demand barrier at $ 0.262, it suggests that sellers are in control. In addition, this could also indicate that the Dogecoin price could go down.

A collapse of the $ 0.240 support level will invalidate DOGE’s bullish thesis and in some cases trigger a downturn to $ 0.230.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Elanco Animal Health Now the Most Expensive versus Dogecoin This Year – Nasdaq Dogecoin

Elanco Animal Health Now the Most Expensive versus Dogecoin This Year – Nasdaq

Here at CryptocurrenciesChannel.com, we find it interesting to track various ETF and stock prices...

By wpadminsonic164
Vitalik Buterin gives $1 billion in ETH to Dogecoin Foundation – Forbes India Dogecoin

Vitalik Buterin gives $1 billion in ETH to Dogecoin Foundation – Forbes India

Vitalik Buterin donates $1 billion in ETH to Dogecoin Foundation Although Buterin has not...

By wpadminsonic164
Vitalik Buterin Reportedly Donates $1 Million in Ethereum to Dogecoin Foundation – U.Today Dogecoin

Vitalik Buterin Reportedly Donates $1 Million in Ethereum to Dogecoin Foundation – U.Today

Yuri Molkhan Ethereum co-founder has allegedly sent a donation of $1 million worth of...

By wpadminsonic164
Dogecoin “Confirmation of Assets” to Arrive on Binance: Details – U.Today Dogecoin

Dogecoin “Confirmation of Assets” to Arrive on Binance: Details – U.Today

Tomiwabold Olajide Dogecoin remains one of the most used smart contracts among the top...

By wpadminsonic164
Is Dogecoin the Subsequent Bitcoin?  – The Motley Idiot Dogecoin

Is Dogecoin the Subsequent Bitcoin? – The Motley Idiot

Dogecoin (DOGE -2.28%) is already beating Bitcoin (BTC 0.58%) in some ways. In others,...

By wpadminsonic164
Dogecoin

Vitalik Buterin Sends 500 ETH To Dogecoin Foundation – Benzinga – Benzinga

Ethereum ETH/USD co-creator Vitalik Buterin has sent the foundation associated with Dogecoin DOGE/USD 500...

By wpadminsonic164
Summer time of Solana in full impact, whereas SOL turns Dogecoin, Star Atlas soars on takeoff – Stockhead Dogecoin

Summer time of Solana in full impact, whereas SOL turns Dogecoin, Star Atlas soars on takeoff – Stockhead

Solana just fell over Dogecoinas the high-speed blockchain backed by Sam Bankman-Fried rises to...

By wpadminsonic164
Dogecoin

Why Bitcoin, Dogecoin, and Shiba Inu All Slumped In the present day – Motley Idiot

What happened The crypto market was in full sell-off mode late Wednesday night and...

By wpadminsonic164

Latest Posts

Tidying Up Cryptocurrency: The Energy Impacts of Blockchains Videos

Tidying Up Cryptocurrency: The Energy Impacts of Blockchains

The Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce will...

By wpadminsonic164
Whale Watching: A Deep Dive Into the Portfolios of the World’s Largest Ethereum Whales Bitcoin

Whale Watching: A Deep Dive Into the Portfolios of the World’s Largest Ethereum Whales

While there's a number of bitcoin whales that often get caught by blockchain parsers...

By wpadminsonic164
10000 causes to get your Rstronaut NFT – Cardano Feed Cardano

10000 causes to get your Rstronaut NFT – Cardano Feed

Hurry up because the subscription period for our first required staking pool is closing...

By wpadminsonic164
In the midst of crypto’s ability was, Encode Club mints new web3 designers – TechCrunch Polkadot

In the midst of crypto’s ability was, Encode Club mints new web3 designers – TechCrunch

Crypto-savvy developers are in short supply these days. Blockchain startups and protocols are fighting...

By wpadminsonic164
Cardano’s (ADA) Venture Catalyst Fund8 Voting Lastly Kicks Off: What Does This Imply?  – U.At the moment Cardano

Cardano’s (ADA) Venture Catalyst Fund8 Voting Lastly Kicks Off: What Does This Imply? – U.At the moment

Vladislav Sopov Cardano (ADA) experts and enthusiasts can now support the most valuable projects...

By wpadminsonic164
Elanco Animal Health Now the Most Expensive versus Dogecoin This Year – Nasdaq Dogecoin

Elanco Animal Health Now the Most Expensive versus Dogecoin This Year – Nasdaq

Here at CryptocurrenciesChannel.com, we find it interesting to track various ETF and stock prices...

By wpadminsonic164
Rundown of New Casino Sites in the USA: Our Picks for the Best New Online Casinos – HeraldScotland Stellar

Rundown of New Casino Sites in the USA: Our Picks for the Best New Online Casinos – HeraldScotland

The latest online slots, super-valuable bonuses, exclusive games, and so much more are available at...

By wpadminsonic164
Iran to pilot ‘nationwide cryptocurrency’, think about blockchain expertise for inventory market Bitcoin

Iran to pilot ‘nationwide cryptocurrency’, think about blockchain expertise for inventory market

The Central Bank of Iran plans to launch the pilot phase of its digital...

By wpadminsonic164