Dogecoin Price Consolidates Amidst Lulled Market
The price of Dogecoin (DOGE) has been in a sideways slide since August 18, barely holding above the $0.06250 support level. This consolidation period is happening as the broader market experiences a quiet market, led by Bitcoin (BTC) price’s range-bound movement.
Despite the lack of direction for Dogecoin price, analysts remain optimistic about DOGE. One trader, Poseidon, suggests that the DOGE market value is likely in the accumulation stage. After analyzing the monthly, weekly, and daily charts, Poseidon concludes that Dogecoin has shown strong accumulation compared to other Layer-1 (L1) tokens.
According to Poseidon, the $0.048 level is crucial for Dogecoin price within one month. Buying DOGE tokens within the range of $0.025 to $0.010 is considered cheap and could potentially result in long-term gains of up to 10X.
Dogecoin Price Forecast and On-Chain Data
Currently, the price of Dogecoin is $0.06369, with potential for an upward push. Increased buyer activity could lead to the meme coin reaching the 50-day and 100-day Exponential Moving Averages (EMA) at $0.06719 and $0.06924, respectively.
If the bullish momentum continues, Dogecoin price could enter the fair value gap (FVG) and potentially close above the consequential encroachment (CE) at $0.07232. Breaking past the FVG could pave the way for further gains, with a target of $0.10000.
On-chain data from IntoTheBlock reveals that 73% of Dogecoin token holders are currently facing unrealized losses, indicating that there is still room for an uptrend as holders wait to break even before selling.
Converse Case and DOGE Alternative
In the event of growing seller momentum, Dogecoin price could descend and lose support at $0.06250. The negative indicators from the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest the presence of bearish sentiment in the DOGE market.
While considering alternative options, consider Wall Street Memes (WSM), a promising meme coin that recently reached $25 million in presale sales. WSM stands out with its outstanding presale and focus on empowering the underprivileged. The project’s native cryptocurrency, WSM, is currently priced at $0.0337 per token and offers various purchasing options.
Hot Take
Despite the consolidation in Dogecoin price, there are indicators of strong accumulation and potential for upward momentum. As the market remains lull, DOGE holders have the opportunity to weather losses and potentially see significant gains in the long term. Consider exploring alternative meme coins like WSM for potential investment opportunities.
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