Dogecoin

Long

Value

<ul> 
 <li>Dogecoin’s price dropped 12% over the past week and now trades at $0.142, but it may stay above $0.10 due to strong support at $0.11.</li> 
</ul> 
<ul> 
 <li>Analysts suggest Dogecoin could trade between $0.12 and $0.15 short-term, with potential for a surge if it breaks resistance at $0.16.</li> 
</ul> 
Dogecoin (DOGE) has experienced a 12% decline over the past week, but <a href="https://www.crypto-news-flash.com/dogecoin-outlook-analyst-forecasts-potential-breakout-amid-market-chop/">market indicators </a>suggest the cryptocurrency may stabilize above the $0.10 mark in the coming weeks. DOGE is currently trading at $0.136, marking a 3.79% drop within a day.&nbsp; 

<div class="cryptoboxes" id="mcw-630826" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="dogecoin" data-symbol="DOGE" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>&nbsp; 
According to IntoTheBlock, Dogecoin is currently<a href="https://twitter.com/intotheblock/status/1801265428284547315"> trading above</a> a significant on-chain support level, where holders purchased 45 billion DOGE at an average price of $0.11. This suggests a robust demand area that could prevent DOGE from dropping below $0.11. However, DOGE faces a formidable resistance level at $0.16. At this price, many addresses that purchased 20 billion coins are holding at a loss. If the price approaches $0.16, these holders might sell to break even, potentially hindering further upward movement. 
<img loading="lazy" decoding="async" class="alignnone wp-image-727825" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T221750.001-300x62.jpg" alt="" width="697" height="144" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T221750.001-300x62.jpg 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T221750.001-150x31.jpg 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T221750.001-450x92.jpg 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T221750.001.jpg 512w" sizes="(max-width: 697px) 100vw, 697px"> 
A key indicator of Dogecoin’s potential for growth is its rising development activity. Santiment’s Development Activity metric, which monitors the frequency of project development events on the public GitHub repository, has shown a significant increase. From June 11 to June 13, the index rose from 0.166 to 0.452. This uptick indicates ongoing efforts to maintain, innovate, and improve the protocol, which investors and stakeholders view positively. 
<img loading="lazy" decoding="async" class="alignnone wp-image-727833" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222029.315-300x101.png" alt="" width="719" height="242" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222029.315-300x101.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222029.315-150x51.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222029.315-450x152.png 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222029.315.png 512w" sizes="(max-width: 719px) 100vw, 719px"> 
<h3 id="span-style-font-weight-400-whales-accumulate-900-million-doge-span">Whales Accumulate 900 Million DOGE</h3> 
Recent data from Santiment, a crypto intelligence tool, indicates that addresses holding between 10 million and 100 million Dogecoins have collectively purchased over 900 million tokens in the last seven days. This accumulation, valued at approximately $129 million, signals <a href="https://www.crypto-news-flash.com/is-dogecoin-doge-poised-for-a-bull-run-insights-analysis/">growing confidence among large investors</a>. Historically, such significant buying activity by whales often precedes bullish market trends, potentially driving the price of DOGE upwards. 
<img loading="lazy" decoding="async" class="alignnone wp-image-727841" src="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222102.254-300x101.png" alt="" width="701" height="236" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222102.254-300x101.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222102.254-150x51.png 150w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222102.254-450x152.png 450w, https://www.crypto-news-flash.com/wp-content/uploads/2024/06/unnamed-2024-06-15T222102.254.png 512w" sizes="(max-width: 701px) 100vw, 701px"> 
As a result of this buying spree, the total DOGE held by these whales has reached 18 billion. Despite the current market downturn, these investors appear to be capitalizing on the lower prices to bolster their holdings, anticipating a potential rally. Additionally, the 30-day Market Value to Realized Value (MVRV) ratio for Dogecoin stands at -7.4%, indicating an accumulation zone that has previously led to price recoveries. 
<h3 id="strong-market-sentiment-and-price-projections-strong">Market Sentiment and Price Projections</h3> 
Given the current <a href="https://www.crypto-news-flash.com/crypto-analyst-dogecoin-and-solana-reach-critical-juncture-make-it-or-break-it-levels-approaching/">market conditions and sentiment,</a> Dogecoin’s price might oscillate between $0.12 and $0.15 in the short term. If the negative sentiment persists, DOGE could struggle to gain significant upward momentum. However, a surge in buying pressure could drive the price above the $0.16 resistance level. In a highly bullish scenario, overcoming this barrier could pave the way for further gains. Conversely, if selling pressure increases, DOGE could test the $0.12 support level. 
Several prominent traders on X have expressed bullish sentiments regarding Dogecoin’s future price movements. CryptoJack <a href="https://twitter.com/cryptojack/status/1801467152798498896">anticipates</a> a notable price increase if DOGE breaks out from a descending pattern. He projects a 55% surge, potentially bringing the price to $0.22. He has indicated a readiness to enter a long position based on this expectation. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 I'm getting ready for an explosive move on <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a>. 
 Once it breaks out bullish from this triangle, I will enter a Long position! 
 Trade now on <a href="https://twitter.com/Phemex?ref_src=twsrc%5Etfw">@Phemex</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f449.png" alt="👉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/dQy5LUChJS">https://t.co/dQy5LUChJS</a> <a href="https://t.co/4A2PVUvcNZ">pic.twitter.com/4A2PVUvcNZ</a> 
 — CryptoJack (@cryptojack) <a href="https://twitter.com/cryptojack/status/1801467152798498896?ref_src=twsrc%5Etfw">June 14, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Trader Tardigrade has also speculated on a significant upward trajectory for Dogecoin, suggesting it has been following a bullish parallel channel. According to him, this could lead to a price increase exceeding $12 in the long term, with a key resistance level at $1.40 possibly being reached next year. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> follows these Parallel Channels <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Since <a href="https://twitter.com/hashtag/dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#dogecoin</a> has left the lower support line of the current channel. Next move could be HUGE<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/fzRZdnntcY">pic.twitter.com/fzRZdnntcY</a> 
 — Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1800880995748676078?ref_src=twsrc%5Etfw">June 12, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Dogecoin’s Price Outlook: Traders Cautioned Against Long Positions Amidst Consolidation

Table of Contents

Crypto News Flash

Other articles published on Jun 16, 2024

BlockDAG Attracts Influencer Buzz Amid $30 Future Price Predictions; Solana ETFs Face Election Hu...

MoonBag’s 15000% ROI Dominating As The Best Crypto Presale in June Over Render and Book Of Meme

BlockDAG vs. Uniswap & TAO Crypto Price Surge: Can It Hit $30 And Be The New Bull Run Crypto? Exp...

DOGE Coin or XRP: Which Is Better?

Bitcoin Price Returns to $66,000

Bitcoin Drops Sharply as Whales and Miners Sell Over $4 Billion: Future Prospects for BTC?

Join our free newsletter for daily crypto updates!