As an experienced analyst, I’ve closely watched the meme coin sector and have observed the recent decline in Dogecoin (DOGE) demand and price with concern. The narrowing trading range formed by this development is a clear indication of a bearish trend for DOGE, as evidenced by the horizontal channel that has emerged.
In the chaotic meme coin market, Crypto Daily Trade Signals has noted a noticeable decrease in Dogecoin (DOGE) demand and a slight price drop. Consequently, a Horizontal Channel, a technical pattern where prices move within a confined range, has emerged due to this decline.
Dogecoin’s Price And Demand Sees Bearish Move
The analysis provided by Crypto Daily Trade Signals explores the repercussions and importance of this downward trend on Dogecoin, the most prominent meme coin, as well as its underlying network transactions. Last Thursday, the experts identified a bearish indicator in Dogecoin’s demand, resulting in a noticeable drop of over 18% within the previous week, which subsequently led to a 1% decrease in the digital currency’s value.
The expert observes that Dogecoin’s price has been bouncing around inside a confined zone due to decreased demand lately. Moreover, a horizontal trading pattern, referred to as a channel, has developed for Dogecoin’s price.
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In recent days, the interest for Dogecoin (DOGE) has noticeably decreased based on on-chain indicators. Consequently, the cryptocurrency’s value has been fluctuating within a narrow band, creating a flat trendline.
In simpler terms, horizontal channels refer to trend lines that represent the price movement in a sideways direction between the level of resistance and support. These lines can be alternatively referred to as “horizontal trends” or “price ranges,” connecting fluctuating pivot highs and lows.
The significant momentum indicators for DOGE suggest that neither buying nor selling pressure currently dominates the market, resulting from its recent downturn. This ambiguity might influence DOGE’s future direction and potentially lead to a period of consolidation for the memecoin.
As an analyst, I’ve noticed that the number of daily completed transactions for DOGE, as reported by Crypto Daily Trade Signals, has taken a downturn following a pessessimistic market demand. To add more context, data from IntoTheBlock indicates that there has been a significant decrease of 18% in the past week in the number of addresses that have transacted with DOGE.
Likewise, there was a noticeable decrease in the number of new requests for the digital currency, suggesting a decline in enthusiasm and investment among crypto community members. Additionally, according to IntoTheBlock’s analysis, approximately 21% fewer unique addresses emerged during the specified period to engage in DOGE trading.
DOGE Poised For A Double Price Rise
Despite experiencing a price drop brought about by recent developments, analyst Ali Martinez had previously pointed out that Dogecoin could potentially double in value. At the time of his prediction, Dogecoin encountered significant resistance around the $0.166 to $0.171 price range.
Approximately 75,000 addresses hold nearly 10 billion Dogecoins at the mentioned resistance point according to Martinez’s observation. If this asset overcomes this hurdle, its value could potentially double, with $0.322 being the next substantial price threshold.
Currently, the price of Dogecoin is at $0.1606, representing a 0.77% gain over the last 24 hours. The cryptocurrency has traded a total volume of $1.09 billion during this period. Additionally, its market capitalization, which stands at $23.21 billion, is showing a comparable percentage rise in value over the past day.
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2024-05-31 20:11