Can Dogecoin Price Do 3x Gains? Here’s What Analysts Say
Release: 2024/07/10 14:24 Reading: 778
Dogecoin: Potential for 3x Gains?
Market Overview
Dogecoin (DOGE), the leading meme coin with a market capitalization of $15.69 billion, ranks 9th among the top 10 cryptocurrencies.
Recent Price Trends
Bitcoin (BTC) has recently attempted to stabilize after falling below $55,000. Dogecoin has likewise shown resilience around the $0.0973 support level.
Dogecoin Price Correlation with BTC
Dogecoin's price has displayed a correlation with BTC's market movements. At the time of writing, DOGE is trading at $0.10775, reflecting a 1.10% intraday gain.
On-Chain Analysis
The number of addresses holding DOGE has grown to 6.52 million. The average holding period before transferring DOGE is approximately 2.3 years. Whales control 41.47% of DOGE, with holdings totaling 64.26 billion.
In/Out of the Money Analysis
The in/out of the money chart reveals that 4.65 million addresses are currently in profit, accounting for 73.06%. In contrast, 1.64 million addresses are at a loss (25.76%), while 75.06K addresses are at breakeven (1.18%).
Analyst Predictions
Crypto analyst @CryptoAM17 predicts a positive outlook for DOGE. They shared a weekly chart analysis indicating that a reclaim above $0.12 could lead to 3x gains, resulting in a price of $0.34.
Technical Analysis: Daily Chart
The daily chart shows a falling wedge pattern, suggesting a potential breakout if bulls maintain interest. The indicators, including MACD, EMA bands, and RSI, indicate a bullish presence.
Resistance and Support Levels
If DOGE crosses $0.12, it could trigger a rally with resistance levels at $0.1282 and $0.1747. Conversely, a loss of traction below $0.09733 may lead to a decline towards $0.05729.
Conclusion
Despite the overall market correction, Dogecoin shows signs of bullish momentum. Analysts predict a potential 3x gain if it can reclaim above $0.12. The technical indicators support this prediction, suggesting a possible breakout if bulls remain engaged.
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