If This Level Breaks, Dogecoin (DOGE) Anticipates Potential 10% Upswing
Dogecoin, the ninth largest cryptocurrency by market capitalization, has been trading within a range in recent months. Last week, its price broke through the $0.067 barrier and moved towards the upper portion of the range. However, the bulls were unable to sustain the momentum, and Dogecoin is now caught between its daily moving averages of $0.067 and $0.076. At the time of writing, Dogecoin was down 2.10% in the last 24 hours at $0.069. The critical barrier for Dogecoin to overcome is the $0.075 level close to the MA 200.
On-chain data from IntoTheBlock’s Global In/Out of the Money provides insights into the current market sentiment for Dogecoin. The data shows that there is relatively little resistance near the current price level of $0.072, where 8,180 Dogecoin addresses bought 382.79 million DOGE. The next major resistance range for Dogecoin is between $0.072 and $0.085, where 40.22 billion DOGE were bought by 599,390 addresses. This level could serve as a barrier to further price rises.
Additionally, a positive sign for Dogecoin is that 17% of its supply has not been moved in the last five years. According to IntoTheBlock, this indicates the long-term vision of crypto investors.
If Dogecoin manages to break through the $0.075 level, it could potentially aim for the $0.085 level, which would imply a 10% increase. Furthermore, sustained bullish activity might push Dogecoin to higher levels of $0.094 and $0.104.
Overall, Dogecoin is currently experiencing range trading, with resistance levels at $0.072 and $0.085. Breaking through these levels could lead to further price increases. The fact that a significant portion of Dogecoin’s supply has not been moved in the last five years is a positive sign for the cryptocurrency’s long-term prospects.
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