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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 Prediction 2023: Will the Memecoin Make a Comeback?

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.

News source:ambcrypto.com

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