As a seasoned crypto investor with a keen interest in Dogecoin (DOGE), I’ve witnessed its price fluctuations firsthand. While the recent surge to $0.1547 is promising, I remain cautiously optimistic. The development activities and strong buying zone have certainly contributed to the price rise, but there are also reasons for concern.
The value of Dogecoin has recently experienced a modest increase, now standing at $0.1547. In just the past day, DOGE‘s price has risen by 3%. However, some market analysts have cautioned that a potential price decrease could occur in the near future.
So what is happening? Let us look at what the analysts have to say about Dogecoin price.
Why Dogecoin(DOGE) Price Is Rising Now?
Dogecoin has seen a considerable amount of development work recently, which is thought to be driving up its current price. Specifically, these developments revolve around enhancing the network’s capabilities, spearheaded by the developers. The intensity of these improvements peaked in February, resulting in a significant increase in the DOGE price from $0.08 to $0.14, as the metric rose from 0.39 to 16.24.
Many similar activities have happened on Dogecoin, creating the same price jump.
Based on the analysis of moving averages, DOGE is currently in a robust purchasing area. However, the RSI, MACD, and Bollinger Bands indicate only a mild buying signal. The confluence of these technical indicators with market enthusiasm has propelled the price to its current level.
Is Dogecoin Price Drop on The Verge of Fall
Beginning in April, Dogecoin’s value fluctuated between $0.13 and $0.16 without any significant advancement. However, there is a possibility that the price could decline further. This situation may arise due to an unidentified investor selling off approximately $18.55 million worth of DOGE on Robinhood, potentially instigating downward pressure for the meme currency.
As a crypto investor, I’ve noticed that with the development of Dogecoin coming to a close, its price might start to decrease. The coin has been underperforming lately, which is concerning for analysts given the market instability we’re experiencing. Additionally, liquidity remains a concern for Dogecoin, with its current liquidation level sitting between $0.15 and $0.16 – a riskier position than preferred. Furthermore, the Cumulative Liquidation Level Delta (CLLD) suggests a potential price pullback of up to $0.12.
To add to this, it’s important to consider that the number of active Dogecoin addresses in the last 24 hours has decreased significantly from 250,000 in February to just 54,600 now. This trend could potentially signal a drop in price.
Final Thought
The price of Dogecoin rallied strongly in March, but since then it has been on a downward trend. There is a possibility of further declines due to large sell-offs by whales and liquidity concerns. Analysts predict that the Dogecoin price could reach as low as $0.12, which would be its lowest point over the last two months. We’ll have to wait and see how the market behaves next for Dogecoin.
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2024-05-18 12:32