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

  • 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.


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