Dogecoin (DOGE) Price Consolidates Amidst Lulled Market
The price of Dogecoin (DOGE) has been in a sideways slide since August 18, barely holding over the $0.06250 level of support. This consolidation period is happening as the broader market experiences a quiet market, led by Bitcoin (BTC) price’s range-bound movement.
Regardless of the lack of direction for Dogecoin (DOGE) price, analysts remain optimistic about DOGE. One trader, Poseidon, implies that the Dogecoin (DOGE) market value is likely in the accumulation stage. After analyzing the monthly, weekly, and daily charts, Poseidon concludes that Dogecoin (DOGE) has shown strong accumulation compared to other Layer-1 (L1) tokens.
According to Poseidon, the $0.048 level is critical for Dogecoin (DOGE) price within one 30 days. Buying Dogecoin (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 (DOGE) Price Forecast and On-Chain Data
As of now, the price of Dogecoin (DOGE) is $0.06369, with probable for an upward push. Increased buyer activity could lead to the Meme Coin coin reaching the 50-day and 100-day Exponential Moving Averages (EMA) at $0.06719 and $0.06924, respectively.
If the positive trend momentum continues, Dogecoin (DOGE) price could enter the fair value gap (FVG) and potentially close over 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 outlines that 73% of Dogecoin (DOGE) token holders are as of now facing unrealized losses, indicating that there is still room for an uptrend as holders wait to break even before selling.
Converse Case and Dogecoin (DOGE) Alternative
In the event of growing seller momentum, Dogecoin (DOGE) 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 Dogecoin (DOGE) market.
Although while considering alternative alternatives, consider Wall Street Memes (WSM), a promising Meme Coin coin that recently reached $25 Million in presale sales. WSM distinguished with its outstanding presale and focus on empowering the underprivileged. The project’s native digital currency, WSM, is as of now priced at $0.0337 per token and offers numerous purchasing options.
Hot Take
Regardless of the consolidation in Dogecoin (DOGE) price, there are indicators of strong accumulation and probable for upward momentum. As the market remains lull, Dogecoin (DOGE) holders have the chance to weather losses and potentially see whole lot of gains in the long term. Consider exploring alternative Meme Coin coins like WSM for probable investment opportunities.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
