The price of dog coins is making its fourth attempt to break through the key resistance level of $0.0786, with a target of $0
- The price of dog coins is making its fourth attempt to break through the key resistance level of $0.0786, with a target of $0.0850.
- DOGE may rise by 10% guided by bullish on chain indicators and increase with the crowd interaction of leading meme tokens.
- When the key candlestick closes at the support level of $0.0675, the bullish outlook will expire.
Despite being repeatedly rejected by key supply barriers, the price of Dogcoin (DOGE) will not weaken, as $0.0850 remains an attractive target for the most traded cryptocurrency.
The estimated price of dog coin is $0.0850 and all necessary means will be taken to claim it
The price of dog currency (DOGE) rose by 7%, after the support level of $0.0722 broke through the decline in the three-day crash starting from November 12th to 14th. Previously, $0.0786 in the supply area midline was rejected, which is a key obstacle that continues to rise, causing DOGE to develop poorly.
Due to the dominant position of dog currency bulls, as the momentum continues to rise, dog currency prices may still overcome the aforementioned obstacles, as shown by the upward relative strength index. The awe inspiring oscillation indicators (AO) also support the upward trend as they continue to remain in the positive range.
In order to confirm the upward trend, the price of dog currency must overcome and close above the resistance level of $0.0786 in order to extend the supply area from $0.0767 to $0.0803 and transform into a bullish breakthrough above the resistance level of $0.0815. This will not only make the target of $0.0850 within reach, but also open up space for the further rise of dog themed tokens.
Dog coin on chain indicators support bullish prospects
Several on chain indicators from the behavioral analysis platform Santiment support the bullish outlook. Firstly, whale activity is increasing, and the total number of DOGE transfers worth over $100000 and over $1 million on the chain is increasing. This supports the upward trend of this situation.
The number of daily active addresses is also increasing, indicating that new unique addresses continue to participate in DOGE transactions and that crowd interaction is constantly increasing, adding weight to the bullish argument. When the rise of Tether (USDT) stable currency and the increase in active stable currency deposits support this indicator, it indicates that new players are purchasing the asset, and new capital flows into the market to drive the price of dog currency.
However, if the price of Dog Coin encounters another rejection of the resistance level of $0.0786, the price may fall and possibly fall below the support level of $0.0722. In the worst-case scenario, it may fall below the 25 day and 50 day moving average (EMA) levels of $0.0716 and $0.0685 to test the support level of $0.0675, or worse, to test the 100 day EMA of $0.0673. This trend will mean a 12% sharp drop, thereby nullifying the current bullish outlook.
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