- DOGE’s 50-day MA at $0.37128 meets 0.236 Fib level at $0.36689 – key confluence zone could spark the next major move.
- Daily active addresses show a 1.55 million peak in November, current stability suggests the smart money accumulation phase.
Dogecoin (DOGE) is attracting notice as it approaches crucial resistance points. Currently priced at approximately $0.37076, traders are observing the efforts of buyers aiming to surmount substantial resistance.
As a researcher, I’m closely monitoring the surge in on-chain activity and the building momentum of this popular meme token’s price. The intricate interplay between the token’s price action and on-chain metrics hint at a sophisticated setup that may well dictate its next significant move.
Key levels DOGE must break
Dogecoin’s value is currently hovering close to a notable obstacle around $0.09, an area that has previously proven difficult to break through.
In simple terms, the short-term price level of $0.37128 is acting as a resistant barrier due to the 50-day moving average, while the $0.20570 price level offers long-term support because of the 200-day moving average. This suggests that the market trend has been predominantly upward, even though there’s currently a pause or consolidation in progress.
The structure of DOGE’s pricing suggests significant resistance around the 0.236 Fibonacci ratio, which equates to approximately $0.36689. The next significant barrier is located at $0.39879, representing the 0.0 Fib level. These levels correspond to the 61.8% and 78.6% points of its prior price movement.
A clean break above these levels could set DOGE on a path toward the next psychological barrier.
Momentum indicators signal potential energy build-up
18.0543, 22.8632, and 20.5726 are the Directional Movement Index (DMI) readings, which indicate a neutral position. Meanwhile, the Stochastic RSI stands at 65.95 and 53.34, suggesting there’s still potential for growth before reaching overbought conditions. In simpler terms, the DMI shows that the market is currently undecided, while the Stochastic RSI suggests there may be more room for price increases before it becomes overly extended.
Based on this setup, there’s a possibility that we’re accumulating energy for a major shift ahead. The level of $0.40000 appears to be the main barrier or peak we might aim for.
In simpler terms, the MACD (Moving Average Convergence Divergence) indicator suggests that the market is experiencing strong buying pressure or bullish momentum because its signal line moves in an upward direction. If there’s a discrepancy between the MACD and the actual price at this point, it might indicate a potential breakout in DOGE’s price trend. However, for this to happen, DOGE needs to sustain its volume support.
Network activity shows institutional interest
During November, the number of daily active wallets on the blockchain experienced a significant surge, reaching heights unseen for quite some time.
Although the activity has returned to usual levels, it’s still higher than what we saw in Q3 of 2024, indicating that the network continues to stay actively engaged even with the recent price adjustments.
Historically, DOGE’s price has correlated positively with spikes in active addresses.
What lies ahead for DOGE?
The volume profile shows a grouping of strong support levels near $0.33015, which is the 0.5 Fibonacci level, and further reinforcement can be found at $0.28968, representing the 0.618 level.
If the price surges significantly over $0.40000, it may lead to a speedy advance toward approximately $0.45000. On the other hand, the combination of technical support at $0.31355 (which is also the 0.382 Fibonacci level) acts as a protective barrier below this price range.
Keeping DOGE’s price above its 50-day moving average, even as it faces the hurdle at $0.40000, is vital for its continued growth.
In simpler terms, several technical signals are suggesting that investors are amassing assets at their current prices. However, before we can be sure this trend will continue, a significant increase in trading activity is needed to surpass the major barrier of resistance.
In simpler terms, given the robust network action, solid technical bases, and the overall market setup, it appears that further growth could be expected, as long as crucial support points remain stable during any market corrections.
Read More
- TNSR PREDICTION. TNSR cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
- SXP PREDICTION. SXP cryptocurrency
2025-01-17 05:12