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Activity on Dogecoin was low, but mirrors the start of 2021’s run to its ATH.
The price of the coin might hit $0.13 following an increase in money flow.
As a researcher with experience in cryptocurrency analysis, I find the current situation with Dogecoin intriguing. The memecoin’s low 24-hour active addresses mirror the start of its run to the All-Time High (ATH) in early 2021. Based on historical patterns, there is a possibility that DOGE could begin another parabolic rally in March or April 2025. However, it’s important to note that history does not always repeat itself, and this is just a potential scenario.
An intriguing development unfolds in the world of Dogecoin (DOGE): based on AMBCrypto’s assessment, the number of active addresses in the last 24 hours has dropped to approximately 40,000. Keep a close eye on this situation, market observers.
According to Santiment’s data, network activity levels for Dogecoin in question were comparable to those observed in March 2020. Approximately nine months later, the cryptocurrency experienced a surge, escalating its price from $0.01 to a peak of $0.65 between January and May 2021.
Will it take some months for DOGE to breakout?
As a crypto investor, I’ve learned that history may not always repeat itself exactly in the cryptocurrency market. However, I’ve observed that patterns often resonate with past trends. Should this historical pattern recur, DOGE could potentially embark on a parabolic surge starting from March or April 2025.
As a researcher, I cannot definitively predict when a potential price increase may occur. It’s important to note that there is a possibility it could begin prior to the previously mentioned timeframe.
At present, the value of DOGE stands at $0.11. This represents a noteworthy surge of 62.36% in the past year. However, it’s important to note that despite this growth, Dogecoin still lagged behind by a considerable margin, sitting 84.56% below its All-Time High (ATH).
In the event of a comparable scenario arising, there’s a possibility that the coin’s price may surpass its all-time high (ATH) preceding the market cycle. Yet, another significant factor to consider is the coin’s 200-day Exponential Moving Average (EMA).
The abbreviation EMA represents Exponential Moving Average, which is used to identify trends by calculating the average price over a specified timeframe. Currently, the 200 EMA line (depicted in yellow) sits above Dogecoin’s current price level.
Bulls want $0.13 first before going all in
if the price had been higher, that would have indicated the start of a bull market; but since it was lower, this suggests that the anticipated rise has not yet commenced. Nevertheless, the price was very close to exceeding the 20-day moving average (denoted by the blue line).
Should this strategy be effective, it might push the coin’s value upward. Additionally, the Chaikin Money Flow (CMF) now hovers above its signal line. The CMF is an indicator that monitors the amount of capital flowing in and out of a cryptocurrency.
when the supply decreases, it indicates weak buyer demand. Consequently, the recent upswing suggests an uptick in buying pressure. This observation, if confirmed, may potentially propel Dogecoin upward by 27.56%, reaching a value of $0.13.
The validation of this prediction was additionally confirmed by the Bulls and Bears signals. The Bulls indicator signifies that approximately 1% of traders are purchasing a particular cryptocurrency, while the Bears indicator represents those selling around the same percentage.
Contrary to the large number of investors making up around 99% of the crypto market transactions in the past week, approximately 89 bears represent a smaller portion with only about 1% of the total volume. Specifically, there were 92 bullish transactions and 89 bearish ones recorded during this period.
If bulls continue to surpass bears, the price of DOGE could reach $0.13 in the near future. Over the longer term, a value of $1 for DOGE is a distinct possibility.
Realistic or not, here’s DOGE’s market cap in SHIB terms
Market participants need to exercise caution. A significant increase in selling activity could cause Dogecoin’s price to drop back down to $0.10.
However, irrespective of the short-term market condition, DOGE’s long-term potential looks bright.
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2024-07-15 01:14