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Cryptocurrency News Articles
Dogecoin (DOGE) Price Prediction 2023: Will the Memecoin Make a Comeback?
Nov 19, 2024 at 12:00 am
Dogecoin [DOGE] has been hovering above a key support level at $0.35. Its prices are currently in a consolidation phase after a significant surge over the last bullish week.
Dogecoin [DOGE] price analysis: Key support at $0.35 holding strong, where to next?
Dogecoin (CRYPTO: DOGE) price hovered above a key support level at $0.35. Its prices were currently in a consolidation phase after a significant surge over the last bullish week.
The popular memecoin has repeatedly tested this key support level, with the price level demonstrating remarkable resilience.
DOGE was maintaining a tight range between $0.36 and $0.38, with prices standing at $0.3698 at press time.
Whale activity signals potential momentum
A notable surge in Dogecoin’s whale activity had caught the attention of market participants.
According to IntoTheBlock data, the number of significant DOGE transactions had witnessed a substantial uptick, reaching peak levels not seen since early November.
In fact, the memecoin’s large transactions surged significantly by 41% in the past 24 hours alone. This increase in whale activity often preceded major price movements.
Source: IntoTheBlock
DOGE’s bullish sentiment
Earlier this week, AMBCrypto’s analysis painted an encouraging picture for DOGE bulls. The memecoin’s active addresses have jumped by an impressive 35% to 157.19K, indicating growing user engagement.
This increasing trading activity signaled that more traders and investors were convinced of the $0.35 support level and are taking long positions to target the next significance resistance at $0.48.
Source: IntoTheBlock
However, recent analysis of Coinglass data revealed significant liquidation leverage at current levels, adding a layer of complexity to the bullish outlook.
At the price of $0.3812, a substantial liquidation pool of 4.97M was present. This indicated that a large number of traders were positioned for short-term gains at higher price points.
In the event of a market downturn, these traders could be quickly liquidated, potentially exacerbating the price decline.
On the other hand, the substantial liquidation volume at higher price points could act as a catalyst for increased volatility in the market. The liquidation pool added a bullish bias to the already bullish market.
Source: Coinglass
What next for DOGE?
With significant support levels, increasing whale activity and growing network engagement, DOGE was set for a bullish rally.
However, market participants should remain mindful of the high liquidation leverage, which could introduce short-term price turbulence.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
All eyes remained on the $0.35 weekly support level as the market awaited clear directional signals.
The sustainability of current price levels, combined with ongoing network growth, may provide the foundation for DOGE’s next significant move.
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