Can Dogecoin Price Hit $0.15 After Elon Musk Lawsuit Win?
Release: 2024/08/30 15:43 Reading: 816
Dogecoin Price Fluctuates Despite Elon Musk's Legal Victory
Dogecoin's price has experienced a 0.9% dip in the past 24 hours, currently trading at $0.10. This decline has instilled further uncertainty among investors.
On-Chain Analysis Reveals Mixed Sentiment
Market sentiment towards DOGE remains divided, as evidenced by on-chain metrics.
- Social Dominance Surges: Dogecoin's social presence has surged to a 3-month high, indicating increased discussion and attention.
- Positive Discussions Prevail: Positive social media sentiment for DOGE outweighs negative comments, hinting at potential bullish momentum.
- Active Addresses Spike: The number of active Dogecoin addresses has reached a two-week high, indicating increased user engagement.
Market Indecision Delays Significant Price Movement
Despite these positive indicators, the DOGE price has remained largely stagnant for the past three days. This suggests that the market is in a state of indecision, with investors holding back on major moves in anticipation of further developments.
Divergence in Daily Active Addresses and Price
The Daily Active Addresses (DAA) divergence for DOGE price has turned negative, indicating that the cryptocurrency's price is moving in the opposite direction of its active addresses.
Speculative Interest and Skepticism
Elon Musk's legal victory has fueled speculative interest, resulting in a surge in social dominance. However, this enthusiasm may not translate into increased trading activity, as evidenced by the low DAA.
Technical Analysis Points to Bearish Bias
A review of the 30-day Coinglass Liquidation Heat Map indicates a bearish sentiment with more Shorts than Longs. Sell and buy walls are present around $0.1023 and $0.0925, respectively.
Bullish Potential Remains
Despite the bearish bias, the gap between Shorts and Longs is narrowing, suggesting a potential shift towards bullish sentiment. This could drive the price towards $0.13.
Possible Drawdown and Support
Coinglass data suggests that Dogecoin's open interest is declining, a bearish sign. If the support at $0.0935 breaks, DOGE could experience a further drop to $0.8.
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