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Dogecoin, the eighth largest cryptocurrency by market cap has recently seen a significant support level emerge, marked by a substantial volume of 13.53 billion DOGE.
This is where a significant number of Dogecoin addresses hold 13.53 billion DOGE. According to IntoTheBlock data, 13.53 billion Dogecoin were bought in the range of $0.154 and $0.1673 by 225,990 addresses at an average price of $0.1617.
This critical support level highlighted by on-chain data occurs near the key daily SMA 50 at $0.154. As observed on the daily charts, Dogecoin has seen a battle of bulls and bears above this key level in recent days.
For the first time since mid-April, Dogecoin rose above the daily SMA 50 that had constrained its price, breaching it. Although bears attempted to drive the Dogecoin price below this key level twice since this date, the bulls resisted, signaling that the dips were being bought.
Tomiwabold OlajideAfter steadily declining during the week, Dogecoin is approaching the critical daily SMA 50 level. Market analysts are keeping a close eye on Dogecoin's price, as a breach below this key level could trigger further declines and extend Dogecoin's consolidation phase.
Historically, critical support levels have served as launchpads for major price gains, fueled by renewed investor confidence and buying interest. in the case of Dogecoin, the daily SMA 50 acted as a springboard for the Dogecoin price surge in late February to March and in the latter part of 2023, notably from October to December.
If Dogecoin manages to hold above this critical level, it could signal the start of a new upward trend. if substantiated by volume increases, there could be enough buying pressure to propel the price upwards, challenging higher resistance levels.
At the time of writing, Dogecoin was down 0.80% in the last 24 hours to $0.16.
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