Is Dogecoin (DOGE) Poised for Further Price Increases?

Is Dogecoin (DOGE) Poised for Further Price Increases?


Dogecoin Long-Term Investors Are Holding Out For More Gains

Last week, there were concerns that FTX Exchange would liquidate $42 million worth of Dogecoin (DOGE) tokens as part of its bankruptcy proceedings. However, official court filings revealed that DOGE was not on the list of FTX’s liquidation assets. Since then, the price of DOGE has increased from $0.060 to $0.062. On-chain data analysis shows that long-term investors have been holding and increasing their DOGE holdings, while short-term traders have been selling off their coins. This positive sentiment from long-term investors could lead to more gains for DOGE in the future.

The Price Momentum is Shifting Towards the Bullish Territory

Since the court filings, Dogecoin bulls have gained momentum. The Relative Strength Index (RSI) for DOGE has been trending upwards, indicating a shift from oversold conditions to a more balanced momentum. This suggests that the market sentiment is becoming more bullish for DOGE. If long-term investors continue to hold their coins and the overall crypto market sentiment turns bullish, DOGE could see significant gains in the coming weeks.

DOGE Price Prediction: The $0.07 Resistance Could Prove Daunting

While Dogecoin looks set to gain more value when the broader crypto market becomes bullish, there is a major resistance at the $0.07 range. The Global In/Out of the Money Around Price (GIOM) data shows that many addresses bought DOGE at an average price of $0.068. If these holders decide to take profits, it could trigger a correction in DOGE’s price. However, if the resistance level is broken, the bulls could push the price rally towards $0.08. On the other hand, if the price falls below $0.055, there is support from addresses that bought at a maximum price of $0.060.

Hot Take: Dogecoin’s Long-Term Investors and Positive Momentum

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Dogecoin has shown resilience in the face of bearish market conditions, with long-term investors holding and increasing their holdings. This confidence from long-term investors, coupled with the recent court filings that excluded DOGE from FTX’s liquidation assets, has contributed to an upward momentum in DOGE’s price. The Relative Strength Index (RSI) also indicates a shift towards a more bullish sentiment. While there may be resistance at $0.07, breaking this level could lead to further gains for DOGE. Overall, the future looks promising for Dogecoin as it continues to attract positive bets from investors.

Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.