Analyst says Dogecoin is testing a key support zone, showing signs of a potential bullish reversal.
Some poetic license on Dogecoin’s ruff week-the meme coin’s price took a tumble, losing fur faster than a summer shed. From a proud perch of $0.18, it whimpered its way down to the $0.146 lows. Doge now sits licking its wounds at around $0.153 as of June 23 as it tries to claw hard for a return of some sorts. Is it a dead-cat bounce, or will Doge rise again?
Might this ‘bleeding’ finally come to an end after a turbulent week where it had fallen by 13.28%, recently dropping another 1.56%? Landry Anael sees some hope for a rebound forming on the 1-hour timeframe from a level of support just established. Has this become the much-awaited turning point for investors?
Technical Indicators Highlight Key Support Zone
Dogecoin is clinging to survival! Analysts are monitoring the crucial zone between 0.14500 and 0.14872 with zeal. This is not merely a level of sustenance; it is a battleground. Recall the 20th and the 21st of June? The bears wanted through, striking at highs of 0.15829 and 0.15009, but DOGE went up in response. Buyers are digging their heels in, transforming this support into an impregnable fortress. Will they hold on? The fate of Dogecoin hangs in the balance.
Dogecoin Price Prediction
Upside potential remains capped for DOGE. The 200-day SMA, which hangs out at $0.1692, gradually drifting downward, practically screams the bearish sentiment for all to hear. Yet there is a glimmer of hope within the support zone: A reversal pattern attempts to fight the ruling downtrend, giving faint hopes for some bullish surge, even if only temporary. The fight for DOGE continues!
Therefore, Anael’s analysis creates a fine trade setup: protect the position with a stop-loss of $0.14050, but aim for a $0.16169 target. This profit target is clearly defined by a resistance level recorded in the price history. Currently trading at $0.1538, reaching the target means a gain of 5.13%. To compound the conviction, the daily chart is also turning bullish, according to the analyst.
Dogecoin Wallet Activity Shows Strong Growth Across Key Metrics
Technical charts do hint at a possible price rebound, but the real story unfolds on the blockchain. Strikingly, an explosion in user activity is drawing a lively picture: new address creation has shot up to a staggering 102.40% within a week. This is not just a bounce; it could very well be the groundswell.
Dogecoin Daily Active Addresses
DOGE’s pulse quickens: active addresses surged upwards by 111.32%, while dormant wallets might have awakened from a deep slumber, forcing zero-balance addresses SARS to considerable heights of 155.46%. The explosion in activity paints an interesting picture-a price decline in DOGE hasn’t stopped an active community from plunging deeper into its ecosystem, reflecting a spirit that is resilient against market fluctuations.
Dogecoin’s heartbeat races. Tremors within the chains indicate a possible breakout with the meme coin dancing on the support line. Will this flurry attract a rally, or will it warn of a fall? Keep watching; the charts are whispering.
Dogecoin Ownership Data Signals Shift Among Holders
DOGE whales are splashing! Analysis of the data shows top-tier investors, those with more than 1% stakes in DOGE, have increased their holdings by 0.34% in the past 30 days. Is this the buildup to a tsunami of gains on DOGE?
Dogecoin Historical Concentration
Whales trimmed their positions by 2.59% for those holding from 0.1% to 1% of the supply, may be reshuffling or cashing chips, while minnows swam in. Retail investors, those holding less than 0.1%, together acquired an additional 1.44% stake, suggesting a growing presence from the grassroots level of this project.
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