Dogecoin Price Correction and On-Chain Analysis
Dogecoin (DOGE) price has declined to $0.074, marking a 10% decrease after reaching a three-month high of $0.082 last week. The current state of the DOGE market and how traders are reacting to this price dip is the focus of on-chain analysis.
Trading Activity Remains High Despite Price Consolidation
After failing to surpass the $0.08 resistance, Dogecoin’s price has entered a consolidation phase. Despite this, trading activity has not been negatively affected. The daily transactions on the Dogecoin network have remained consistently high, reaching a three-month peak of 307,810 on Nov. 8. This indicates steady demand for DOGE despite the price drop.
Bulls Remain in Control of Dogecoin Spot Markets with 750 Million DOGE Orders
The exchange order books chart reveals that bullish DOGE traders have placed orders to purchase 758.5 million DOGE, significantly higher than the 710 million DOGE coins listed for sale by bears. This shows that many bullish traders are looking to buy the dip rather than exit, suggesting a potential price increase in the future.
DOGE Price Prediction: Further Consolidation Before $0.1 Rally
Based on on-chain metrics and Global In/Out of the Money (GIOM) data, it is predicted that Dogecoin could rebound towards $0.1 if bulls can hold through the ongoing consolidation phase. However, if bears overturn the buy wall at $0.07, DOGE price could drop to $0.06.
Hot Take: Potential for DOGE Price Rebound
The rising network activity and high demand for DOGE, as indicated by on-chain analysis, suggest a potential rebound in Dogecoin’s price in the near future.
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