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Dogecoin: Key Demand Wall Appears Despite Market Slump

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Fri, 5/07/2024 - 15:47
Dogecoin: Key Demand Wall Appears Despite Market Slump
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Amid the ongoing market slump, Dogecoin (DOGE) has identified a critical demand wall that may provide crucial support for the cryptocurrency.

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According to data from IntoTheBlock, Dogecoin faces significant demand zones near its current trading levels, highlighting areas where substantial buying activity has occurred.

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Global In/Out of the Money,  Courtesy: IntoTheBlock 

Dogecoin has established a demand zone in the price range between $0.081 and $0.099. Within this range, approximately 11.36 billion DOGE were acquired by 1.14 million addresses. This cluster of buying activity suggests that many investors view this range as an attractive entry point, providing a potential support level for DOGE.

Further reinforcing this support is another demand zone between $0.07 and $0.081, where an even larger quantity of Dogecoin is held by numerous addresses. In this range, about 23.72 billion DOGE are held by 1.16 million addresses.

The concentration of holdings in this area underscores its significance as a key demand zone, indicating strong investor interest and confidence at these price levels.

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The identification of these demand zones is crucial, as it demonstrates where the majority of trading activity and accumulation of Dogecoin has taken place.

What's next for Dogecoin price?

The broader cryptocurrency market has been experiencing volatility, with various digital assets facing downward pressure. Dogecoin has not been an exception, reaching lows of $0.091 in a three-day price slump.

At the time of writing, Dogecoin was trading down 6.29% in the last 24 hours to $0.101, while it is down 19% weekly.

Dogecoin's key demand wall, as highlighted by IntoTheBlock data, showcases significant buying activity in the $0.07 to $0.099 price range.

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As the crypto market continues to navigate through the current uncertainty, this demand zone stands out as a key area to watch.

This concentration of holdings around here could serve as a bulwark against further price declines, as a large number of investors may be disinclined to sell at a loss, thereby reducing sell pressure. In the case of a price rebound, Dogecoin will confront a key technical hurdle near $0.129, which coincides with its daily SMA 200.

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