Stable Support Bolsters DOGE for Fresh Recovery
The Dogecoin price is currently showing a sideways trend at the base of the Bollinger bands. This indicates a period of consolidation and stability. There is a high demand zone for traders at the $0.075 level, which is acting as stable support for the meme coin. However, the 24-hour trading volume in Dogecoin has experienced a 21.45% loss, suggesting a decrease in market activity.
Impending Breakout for Dogecoin Price
If the Dogecoin price can break above $0.0877 with a sharp rise in trading volume, it has the potential for a bullish breakout. In this scenario, the Bollinger bands will lead to an accumulation phase, which could push the price towards the psychological mark of $0.10. On the downside, a drop below $0.075 could result in prices falling to $0.065.
- Relative Strength Index: The daily RSI is mirroring the sideways movement of the Dogecoin price. However, as long as it remains above the halfway line, it indicates a bullish sentiment.
- Bollinger Bands: The narrow Bollinger bands suggest increased volatility in the market.
Hot Take: Growing Network and Investor Base for Dogecoin
A recent insight from analytics firm Santiment reveals that Dogecoin has experienced a significant surge in its network growth. In just two weeks, over 413,800 new wallets have been added to the network, predominantly holding between 0.001 to 1 DOGE. This influx of small-scale investors indicates a broadening of Dogecoin’s investor base and suggests potential for further growth in the future.
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