Dogecoin bulls aim for $0.85 as the next major milestone
Dogecoin (DOGE) is showing signs of a potential breakout, with the price attempting to surpass the $0.70 level. If it is able to break through the supply wall at $0.75, a 10% increase to $0.85 can be expected. This is based on the historical pattern of people buying DOGE at that price level, with 176,000 addresses previously purchasing over 12.34 billion DOGE. The increased accumulation of DOGE at the $0.85 price level suggests strong support for further price growth.
An assessment of DOGE’s price movements shows an uptick in accumulation in the past few weeks, indicating anticipation of a price rally. Key momentum indicators, such as the Relative Strength Indicator (RSI) and Money Flow Indicator (MFI), are above their neutral lines and in uptrend positions. The Chaikin Money Flow (CMF) is also positive, indicating strength in the market. The Awesome Oscillator indicator confirms the bullish nature of the market, with green histogram bars crossing above the zero line.
Positive funding rates on exchanges like Binance and DyDx suggest that many DOGE holders are betting on a further price rally. If DOGE is able to break through the supply wall and sustain its upward momentum, it could see significant price growth.
It’s worth noting that DOGE’s price is highly volatile and influenced by factors such as market sentiment and investor speculation. While the analysis suggests a potential price increase, it is important to do thorough research and consider the risks before making any investment decisions.
Overall, DOGE’s current position indicates the potential for a breakout and price growth if it is able to break through the $0.75 supply wall. Increased accumulation and positive momentum indicators suggest a bullish trend. However, investors should proceed with caution and conduct their own analysis before making any financial decisions.