Dogecoin

Elon

Elon Musk

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-potential-dogecoin-price-movements/" data-wpel-link="internal">Analyst Predicts Potential Dogecoin Price Movements</a> 
DOGE price experienced a noticeable rise within the week, pleasing <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. Today, the price movement turned negative, but it was almost neutral due to the small percentage change. Despite the price change, the cryptocurrency continues to trade 82% below the 2021 peak of $0.73. 
<h2 style="text-align: justify" id="will-doge-price-drop">Will DOGE Price Drop?</h2> 
Amidst the volatile price movements in the crypto world and <a href="https://en.coin-turk.com/bitcoins-market-dominance-hits-three-year-high/" data-wpel-link="internal">Bitcoin</a>‘s decline, market analyst YG Crypto presented a bearish scenario for Dogecoin. According to YG Crypto, Dogecoin is struggling to stay above the support level of $0.11200 to $0.11500. 
If it falls below this level, the analyst suggests the bearish outlook could intensify, potentially triggering larger drops to $0.095. On the other hand, the analyst also considers the possibility of a market reversal and upward price movement. According to the analyst, if DOGE can rise above $0.16 and approach the upper boundaries of the current channel, it could trade between the resistance levels of $0.170 and $0.176. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-366213" src="https://coin-turk.com/wp-content/uploads/2024/06/doge-3-coin-turk-com-1.png" alt="" width="882" height="372"> 
Despite recent price movements in the market, Dogecoin’s price action continues within a descending channel, trading above the $0.12 support level. 
YG Crypto continued with the following statement: 
<blockquote> 
 Do you think <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">Elon Musk</a> will soon boost Dogecoin? 
</blockquote> 
<h2 style="text-align: justify" id="doge-comments">DOGE Comments</h2> 
Coinglass data revealed significant information. There was a 6% increase in open interest for Dogecoin, rising to $632 million. This was accompanied by a 33% increase in open interest volume, reaching $1.14 billion at the time of writing. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-366212" src="https://coin-turk.com/wp-content/uploads/2024/06/doge-cg-coin-turk-com.png" alt="" width="870" height="239"> 
The increase in open position volume generally indicates market entries, which could lead to price increases if it happens. However, this increase could also trigger short selling, potentially leading to a price drop. 
Meanwhile, there was also activity in Dogecoin’s whale transactions. Transactions worth $100,000 or more jumped from 800 to over 1,000. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-366211" src="https://coin-turk.com/wp-content/uploads/2024/06/coinglass-coin-turk-com.png" alt="" width="871" height="581"> 
As of the time of writing, DOGE’s latest status shows it is trading at $0.1225 after a 2% drop in the last 24 hours. The market cap is $17.7 billion, while the trading volume is around $675 million. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-potential-dogecoin-price-movements/" data-wpel-link="internal">Analyst Predicts Potential Dogecoin Price Movements</a></h5>

Analyst Predicts Potential Dogecoin Price Movements

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