Shiba

Dogecoin

Shiba Inu

Elon Musk

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoins-price-dynamics-and-market-analysis/" data-wpel-link="internal">Dogecoin’s Price Dynamics and Market Analysis</a><br></p>
<p style="text-align: justify"><strong>Dogecoin (DOGE)</strong> saw its price increase by more than 10% a few days ago. However, the trend did not last long as the meme token soon witnessed a price correction, negating its weekly gains. Additionally, one of the blockchain’s fundamental metrics rose sharply.</p> 
<h2 id="the-elon-musk-effect-on-dogecoin">The Elon Musk Effect on Dogecoin</h2> 
<p style="text-align: justify">Recently, Elon Musk opened an official Payments account, which created excitement in the community and led to an increase in DOGE’s price. However, experts had previously suggested that the excitement surrounding Payments might not be enough to sustain Dogecoin’s price rise. As the meme token’s price fell, this situation seemed to strengthen.</p> 
<p style="text-align: justify">According to data from 21milyon.com, DOGE has experienced a decline of about 4% in just the last 24 hours. Although the meme token’s price movement shows a downward trend, one of its fundamental metrics has remained high for several months. IntoTheBlock recently shared a tweet highlighting how Dogecoin’s transaction count has remained high compared to other leading cryptocurrencies like <a href="https://en.coin-turk.com/shiba-inu-whale-movements-what-does-it-mean-for-shiba-coin/" data-wpel-link="internal">Shiba</a> Inu (SHIB). Analysts’ studies on Dogecoin’s metrics revealed that the high transaction count might not be enough to compensate for the meme token’s losses. DOGE’s social volume remained high last week thanks to high price volatility.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-306858 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/doge-1.webp" alt="" width="2048" height="693"></p> 
<h2 id="doge-price-analysis">DOGE Price Analysis</h2> 
<p style="text-align: justify">However, since January 22, the downward trend has begun to increase, as clearly indicated by the decline in weighted sentiment. Dogecoin’s liquidation heat map also revealed some interesting points. It is indicated that there is a critical support level around $0.079 for the meme token. This suggests that the DOGE price could drop to this level before rising.</p> 
<p style="text-align: justify">If the cryptocurrency’s price does not test the mentioned support region, investors may witness further declines. On the other hand, considering a more optimistic scenario, if DOGE’s price rises, it could encounter strong resistance near $0.09. Additionally, the Bollinger Bands have pointed out that the DOGE price is in a less volatile region. This could signal that the meme token’s price might reach the support level and initiate another rise from this area.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/dogecoins-price-dynamics-and-market-analysis/" data-wpel-link="internal">Dogecoin’s Price Dynamics and Market Analysis</a></h5>

Dogecoin’s Price Dynamics and Market Analysis

Table of Contents

COINTURK NEWS

Other articles published on Jan 24, 2024

CryptoQuant CEO Unveils Potential Reasons Behind Bitcoin Price Dip

Magic Eden Rewards, Treeverse, and Immutable – Top NFT News Today – 24 January

3 Dogecoin Alternates to Pump 10x in 2024

XRP ETF Hopes Dim for 2024; Cosmos and InQubeta Pique the Interest of Prominent Investors

When Will the SEC Approve the XRP ETF? Here are the Possible Scenarios!

Popular Market Maker DWF Labs Invested in This Altcoin on Binance! Reacted to the Price!

Join our free newsletter for daily crypto updates!