Crypto Voice News | Will DOGE Price Regain Its Former Momentum?

Will DOGE Price Regain Its Former Momentum?
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Dogecoin Prepares for Increase as Active Addresses Exceed 100,000: Will DOGE Price Regain Its Previous Momentum?
Dogecoin price has experienced a decline amid the market downturn. This happened due to the issues surrounding Binance on Tuesday.

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Despite the recent downward trend in Dogecoin's value, the bullish trend continues among its investors. They are currently facing losses but are hopeful about a potential recovery, as evidenced by their activities in the derivatives markets and the trends observed on the Dogecoin price chart.
DOGE's Active Addresses Increased Following Price Drop
Dogecoin gained 50% in four weeks, providing huge profits to its investors, but it is now approaching the point of losing those profits. Approximately one-third of the gains made by DOGE investors have been wiped out and memecoin is expected to decline further.
However, as the market has now recovered somewhat after the recent decline, short positions worth approximately $700k have been liquidated. This suggests that buyers are increasingly accumulating mecoin near the bottom.
Even with significant liquidations, investors appear to be stronger. The positive funding rate indicates that there are currently more long contracts than short contracts for Dogecoin. This positive funding rate indicates that more investors are opting for long positions, expecting an increase in price in the coming hours. Therefore, a decline can be avoided if the Dogecoin price meets traders' expectations. However, if this does not happen, further losses may occur.
According to information from IntoTheBlock, there is an increasing trend in the number of active addresses in the Dogecoin market, which has exceeded 100,000, indicating an increasing capital inflow. This trend has contributed to strengthening the immediate level of support for Dogecoin.
What's Next for DOGE Price?
Dogecoin's value continued to decline and recently reached a crucial support line at $0.07. However, aggressive buying demand near this low prevented the price from falling further and DOGE price quickly recovered from this low. This shows that price declines are accumulation opportunities. As of the moment of writing, the DOGE price is trading at $0.075, an increase of over 0.9% compared to yesterday's rate.
There is currently an attempt by the bulls to push the Dogecoin price above the 20-day EMA on the 4-hour price chart. Success in this move would indicate a strong trend towards continued buying. Following this, the bulls may attempt to surpass the $0.087 resistance by aiming for a move towards $0.10.
On the other hand, bears may try to take advantage of price gains to keep Dogecoin below the 20-day EMA. Sellers are active near the $0.08 level, and Dogecoin's rise above this level could result in a strong sell-off and an increase in short positions. If this happens, it could pave the way for a further decline of the 100-day Exponential Moving Average (EMA) to $0.68 and potentially the critical support level at $0.058.
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Disclaimer, The information provided in this video is not investment advice.
financial advice is not trading advice, it is for informational purposes only,
You should not consider any of the video content as investment advice.
Please seek advice from your financial advisor before making any investment decisions.

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