Will DOGE Bulls Target $0.1015 Once Again? Comprehensive Price Analysis
The price of Dogecoin (DOGE) saw a significant increase of over 10% on July 21, reaching $0.076. This surge in price was driven by rumors that Tesla might continue accepting Dogecoin as a payment option on its website. The meme coin’s market capitalization also increased by approximately $1 billion, from $9.67 billion to $10.66 billion. Elon Musk’s positive tweets about Dogecoin have played a major role in its success, attracting attention from cryptocurrency investors and causing price spikes.
However, despite the bullish momentum, DOGE faced resistance at the $0.075 level, which has proven to be a challenging roadblock for the cryptocurrency. Investors have created a sell wall around this level, consistently repelling the price. If the bulls fail to overcome this resistance, there is a risk of a pullback in the price of Dogecoin, potentially losing support from the 50- and 100-day Exponential Moving Averages (EMAs) at $0.070 and $0.074 respectively.
Data from IntoTheBlock shows that approximately 443,980 addresses purchased around 34.34 billion DOGE tokens at an average price of $0.079. These addresses are likely to create selling pressure if the price attempts to break above the $0.075 zone. Additionally, there are currently about 63.03 billion DOGE tokens in a loss position, meaning holders of these tokens are experiencing losses on their investments. This further adds to the selling pressure around the $0.075 level.
Overall, Dogecoin’s recent price surge is driven by rumors of Tesla’s potential support, as well as the influence of Elon Musk and social media hype. However, the $0.075 level has proven to be a strong resistance point, with investors creating a sell wall. The ability of DOGE to overcome this resistance will determine its future price movements.
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