Dogecoin

Daily

Rise

Amidst the mania witnessed across the meme coin sector, Crypto Daily Trade Signals has <a href="https://x.com/cryptodailyTS/status/1796062781176954925" target="_blank" rel="noopener nofollow">pointed out</a> a significant decline in the demand for Dogecoin (DOGE), alongside a slight price decrease. As a result of the drop, a Horizontal channel, a technical pattern in which price fluctuates inside a limited range, has been formed. 
<h2 id="dogecoin-s-price-and-demand-sees-bearish-move">Dogecoin’s Price And Demand Sees Bearish Move</h2> 
Crypto Daily Trade Signals’ review delves into the significance and impact of this decline on Dogecoin, the largest <a href="https://bitcoinist.com/meme-coins-dogecoin-like-gains/" target="_blank" rel="noopener ">meme coin</a>, and its network activities. On Thursday, the analyst spotlighted a pessimistic development in the demand for DOGE, particularly by over 18% in the past week, followed by a 1% decline in the crypto asset’s price. 
According to the expert, the price of DOGE has been fluctuating within a limited range as a result of the recent drop in demand. In addition to <a href="https://bitcoinist.com/dogecoin-etfs-move-to-the-fore/" target="_blank" rel="noopener ">Dogecoin</a>‘s price oscillating in a narrow range, a horizontal channel has emerged. 
The post read: 
<blockquote>
 The demand for DOGE has declined. This has caused its price to trade within a range. The demand for Dogecoin (DOGE) has declined in the last week, on-chain data has shown. This decline in DOGE’s network activity has caused its price to oscillate within a tight range, forming a horizontal channel.
</blockquote> 
Horizontal channels are known as trend lines, which are used to depict the price range that lies between the upper line of resistance and the lower line of support. They can also be called Sideways trends or price ranges, and they do this by joining changeable pivot highs and lows. 
Other key momentum indicators for DOGE indicate that neither buyers nor sellers control the market, due to the decline, which could impact the memecoin’s trajectory and cause a consolidation for DOGE. 
Crypto Daily Trade Signals <a href="https://x.com/cryptodailyTS/status/1796075463485579355" target="_blank" rel="noopener nofollow">reported</a> that DOGE’s daily completed transactions also witnessed a drop following the pessimistic demand. Data from IntoTheBlock shows that the daily count of addresses that completed transactions plummeted by 18% in the last seven days. 
In a similar vein, there was a drop in new demand for the digital asset, indicating reduced interest and adoption among crypto investors. IntoTheBlock also claims that there were notably 21% fewer new addresses created to <a href="https://bitcoinist.com/memecoin-mania-data-massive-influx-traders-dogecoin/" target="_blank" rel="noopener ">trade DOGE</a> throughout the reviewed time. 
<h2 id="doge-poised-for-a-double-price-rise">DOGE Poised For A Double Price Rise</h2> 
Although DOGE saw a price decline due to the development, Ali Martinez previously <a href="https://x.com/ali_charts/status/1795424617244299538" target="_blank" rel="noopener nofollow">highlighted</a> the potential for its price to double soon. According to the analyst, Dogecoin at the time of prediction was facing tremendous resistance between&nbsp; $0.166 and $0.171. 
Martinez noted that over 75,000 addresses have acquired about 10 billion <a href="https://bitcoinist.com/dogecoin-beats-cardano-xrp/" target="_blank" rel="noopener ">DOGE</a> at the aforementioned resistance level. However, if the asset manages to surpass the level, its price might double, with $0.322 serving as the next significant barrier. 
Presently, Dogecoin is trading at $0.1606, reflecting a 0.77% increase over the past 24 hours, with a 24-hour trading volume of $1.09 billion. Its market volume valued at $23.21 billion is also demonstrating a similar percentage rise in the past day. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/4ixfKz41/" alt="Dogecoin" width="2283" height="1265">

Dogecoin (DOGE) Demand Decreases In Tandem With Price Drop: Analyst

Innehållsförteckning

Bitcoinist

Andra artiklar publicerade 31 maj 2024

Arweave (AR) Rallies After AO Network Native Token Announcement

Blockchain Life 2024 to Take Place in Dubai at the Peak of the Bull Run

Shiba Inu Community Commemorates 3rd Anniversary of Buterin's 410T SHIB Burn

Coinbase Submits Closing Brief in SEC Rulemaking Clash

Tether invests $150M in Jihan Wu’s crypto mining firm Bitdeer

Bitcoin Tests Support Level and Recovers After Hack FUD

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!