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Dogecoin (DOGE) to Rally in 2024? Hidden On-Chain Data Unveils Secrets

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Thu, 18/01/2024 - 8:45
Dogecoin (DOGE) to Rally in 2024? Hidden On-Chain Data Unveils Secrets
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As we move through 2024, Dogecoin has shown a potential for substantial price growth in the foreseeable future. The meme coin has achieved significant milestones, including surpassing five million addresses with a balance and witnessing a substantial spike in transactions back in December. These achievements have not only showcased Dogecoin's growing market placement but also hinted at an underlying resilience.

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The gust of activity toward the end of the last year spurred a notable price increase in January. However, the market's volatility has since led to a price correction, positioning over half of Dogecoin holders at a profit level reminiscent of early November 2023. This benchmark could be a critical inflection point, offering a potential springboard for a future rally.

DOGEUSDT Chart
DOGE/USDT Chart by TradingView

Analyzing the provided Dogecoin chart reveals a market at a crossroads. The price action indicates consolidation around the $0.08 mark, with Dogecoin trading between its moving averages, which typically act as dynamic levels of support and resistance. The key local resistance stands firm at around $0.084, while the support level hovers near $0.077. Decisive movement beyond these bounds could signal the next trend for Dogecoin.

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Considering the on-chain data and current market conditions, a potential price movement scenario for Dogecoin seems cautiously optimistic. If the support level can sustain the pressure and transaction volumes continue to rise, a breakout above the resistance level may be on the horizon. Such a scenario could trigger a rally, especially if broader crypto market sentiment remains bullish.

On the contrary, should the support give way under bearish market forces, we may witness a retest of lower price levels, potentially challenging the sub-$0.07 areas. Investors should be cautious and track a volume-supported move as an indicator of the strength of the subsequent price action.

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