alexa certify
0

Dogecoin consolidation around 0.30000

The price of Dogecoin is falling slightly, which indicates a lack of bullish momentum. His recent rejection of a key support barrier could re-launch an upward trend. Despite the bullish, Dogekiona failed to jump higher and fell approximately 20% from a high momentum to $ 0.367 on May 26.
Now a break above $ 0.293 would be a potential-jump with more bullish pressure. If this breaks the Dogecoin price above $ 0.328, it will indicate the beginning of an upward trend. Although the bullish outlook seems plausible from a technical perspective, the indicators suggest otherwise.
dogecoin
Into TheBlock’s Global In / Out of the Money model shows that support levels are relatively weak. For example, approximately 11.2 billion DOGEs were purchased at an average price of $ 0.363 at 245,000 addresses. However, only 3.5 billion tokens were purchased at the cost of $ 0.132 at 234,000 addresses. Therefore, a sudden jump in sales pressure could easily lower the price of Dogecoin, and lower buying pressure could not cope with a large group of very low-priced investors.
The bull scenario will only materialize if buyers push the DOGE price above $ 0.363. On the other hand, if the price of Dogecoin cuts the support to $ 0.213, it would invalidate the bull’s thesis.
A further addition to the optimistic scenario is the decline in the number of new addresses that have joined the Dogecoin network from 104,000 to 21,000 new addresses from May 5 until today. This 80% drop indicates that investors are not interested in meme coins and may reallocate their funds to other crypto projects or collect current profits. Then DOGE could fall another 25% to a demand level of 0.15000

  • Support
  • Platform
  • Spread
  • Trading Instrument
User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.



You might also like

Leave a Reply