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Dogecoin (DOGE) Eyes Potential 10% Upswing If This Level Breaks

Mon, 07/17/2023 - 16:15
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Tomiwabold Olajide
Dogecoin caught between critical price levels
Dogecoin (DOGE) Eyes Potential 10% Upswing If This Level Breaks
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Dogecoin, the ninth largest cryptocurrency by market capitalization, has been engaged in range trading in recent months.

In the previous week, Dogecoin's price broke through the $0.067 barrier at the MA 50 to advance to the upper portion of the range.

Bulls were unable to sustain the move, leaving Dogecoin caught between its daily moving averages of 50 and 200, which currently stand at $0.067 and $0.076, respectively.

At the time of writing, DOGE was down 2.10% in the last 24 hours at $0.069. On the upside, the critical barrier for Dogecoin to overcome is the $0.075 level close to the MA 200.

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A climb above this point may aim for the $0.085 level up ahead, which would imply a 10% increase from there. Furthermore, sustained bullish activity might push Dogecoin to highs of $0.094 and even $0.104.

On-chain data provides this glimpse

IntoTheBlock's Global In/Out of the Money aggregates all addresses' positions into clusters based on the number of those who previously bought at a certain price range. The larger these clusters, the more support or resistance is expected around these price levels.

Dogecoin Global In/Out of the Money, Courtesy: IntoTheBlock

A glimpse at this indicator hints at a relatively tiny resistance near the current price level, which is around the $0.072 level. This is where 8,180 Dogecoin addresses bought 382.79 million DOGE.

The next major resistance range for Dogecoin is between $0.072 and $0.085, where 40.22 billion DOGE were bought by 599,390 addresses. This could serve as a barrier to further price rises at those levels.

Dogecoin (DOGE) Signals Price Turnaround After Breaking This Pattern

Meanwhile, a positive indication for Dogecoin is the fact that 17% of its supply has not been moved in the last five years. According to IntoTheBlock, unmoved coins speak volumes about the long-term vision of crypto investors.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.