Briefly –
- DOGE hints at a price advance as the coin bounces off demand area ranging between $0.262 and $0.281.
- Increased buying pressure can push Dogecoin higher by 35% towards $0.367.
- Transactional data supports the move by DOGE to $0.367.
Dogecoin has its price inside a support cluster with a higher probability of propelling the meme crypto above its immediate resistance. On-chain metrics back such claims, painting bullishness for the asset.
DOGE Awaits Explosive Growth
Dogecoin (DOGE) has lost around 22% in the last 16 days. For now, the token shows reversal possibilities. The only thing supporting an upswing for the asset’s current position is the demand territory, extending between $0.262 and $0.281. The region formed a significant resistance in late June and critical support from May to June.
With that, investors might expect bullishness to propel Dogecoin as buyers join the meme currency. Keep in mind that DOGE has struggled due to fading institutional interest and insufficient upside catalysts.
If the asset seen uptrends in the coming sessions, bulls will deal with $0.328 as the initial resistance area. After that, the token will surge to retest $0.367, about a 35% upswing from DOGE’s current price. Though with the possibility of more surges to $0.40, it may last for a short while.
The GIOM price model supports Dogecoin’s surges towards $0.367. The model shows slight resistance. Meanwhile, about 25,220 wallets that bought 3.15 billion Dogecoin tokens at $0.296 as an average price appear to prevent the asset higher levels explorations.
That said, an advanced buying pressure will see the themed token conquering these barriers as it moves to challenge the following supply zones.
Though transactional data and technical suggests bullishness, new DOGE addresses have witnessed drops. Over the last month, the metric noted a 16% plunge from 23,830 addresses to around 20,000 users. Though the negative change, it isn’t enough to cancel the bullish attitude. However, investors need to consider this metric whenever joining DOGE investments.
DOGE’s bounce towards $0.367 remains reasonable. Meanwhile, bears cracking the $0.262 will confirm sellers’ control. Such a development will sink the coin’s price. Moreover, breaking below the support at $0.240 will cancel the Dogecoin bullishness for a possible $0.230 downtrend.
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