Is Dogecoin (DOGE) Poised for Further Price Increases?

Is Dogecoin (DOGE) Poised for Further Price Increases?


Dogecoin (DOGE) Long-Term Investors Are Holding Out For More Gains

Past week, there were concerns that FTX Exchange would liquidate $42 Million worth of Dogecoin (DOGE) tokens as part of its bankruptcy proceedings. Nonetheless, official court filings revealed that Dogecoin (DOGE) was not on the list of FTX’s liquidation assets. Ever since, the price of Dogecoin (DOGE) has increased from $0.060 to $0.062. On-chain data analysis shows that long-term investors have been holding and increasing their Dogecoin (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 Dogecoin (DOGE) in the future.

READ NOW
Justin Sun Responds to HTX’s $7.9 Million Loss from Cyber Attack

The Price Momentum is Shifting Towards the Bullish Territory

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

Dogecoin (DOGE) Price Prediction: The $0.07 Resistance Could Prove Daunting

Although while Dogecoin (DOGE) looks set to win more value when the broader cryptocurrency market becomes positive trend, there is a major resistance at the $0.07 range. The Worldwide In/Out of the Money Around Price (GIOM) data shows that numerous addresses purchased Dogecoin (DOGE) at an average price of $0.068. If these holders decide to take profits, it might trigger a correction in DOGE’s price. Nonetheless, if the resistance level is broken, the bulls might propel the price rally towards $0.08. On the other hand, if the price falls below $0.055, there is support from addresses that purchased at a maximum price of $0.060.

READ NOW
Blockchain expert ZachXBT criticizes Gotbit for controversial offerings

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

Dogecoin (DOGE) 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 Dogecoin (DOGE) from FTX’s liquidation assets, has contributed to an upward momentum in DOGE’s price. The Relative Strength Index (RSI) likewise indicates a shift towards a more positive trend sentiment. Although while there could be resistance at $0.07, breaking this level could lead to further gains for DOGE. Overall, the future looks promising for Dogecoin (DOGE) as it continues  to attract positive bets from investors.

READ NOW
Tether Halts USDT Redemption for Customers in Singapore
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.

READ NOW
Bearish Momentum Persists as Bitcoin Price Continues to Decline
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend