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- Dogecoin is expected to make a 10 percent surge to trade above $0.08153.
- However, the asset could drop to $0.70, and then pull back to $0.67, before continuing its downward trend to $0.05694 when selling pressure outweighs the buying pressure.
Dogecoin (Doge) has been on an upward trajectory since pegging at the $0.05694 support floor. Bears have over the period failed to seize control of the market since October 18, sending the market to a current price of $0.073954. In the last three months, the asset has added $0.006231 to its value. In the last 30 days, Dogecoin has surged by 23 percent, but declined by 1.11 in the last seven days and 1.67 in the last 24 hours.
Currently, there is a supply barrier extending from $0.07677 to $0.08039, meaning the price is facing resistance from selling pressure.
Based on the market behavior, bears are attempting to seize control, but bulls are putting up a strong fight, setting the asset up for a 10 percent surge to trade above the $0.08153 resistance level.
Analysts predict that Dogecoin could extend its bullish run from this point to $0.08500 when the market does not slow down. On a good day, the asset could extend the run to $0.09000. This bullish thesis is supported by technical indicators and on-chain metrics.
Currently, there is a strong price strength as the Relative Strength Index (RSI) shows a reading above 50. On top of that, the Awesome Oscillator (AO) is also in the positive zone, indicating that the bulls are still in control of the DOGE market. In other areas such as the number of daily active addresses, there is incredible growth. The number of unique or new addresses involved in the daily Dogecoin transaction is very encouraging.
More Analysis of the Dogecoin Market
The rising Tether (USDT) market capitalization and active stablecoin deposits are also showing a fresh capital inflow, portraying a bull-dominating market. In addition, there has been a growing volume of total open interest in USD for Dogecoin. This shows a rising crowd interaction.
Another look at the whale activities or addresses transacting Dogecoin worth $1 million, and $100,000 shows a strong bullish signal. The In/Out of the Money Around Price (IOMAP) metric of the on-chain aggregator IntoTheBlock indicates a more robust support downward. From the current market data, there is no obvious supply barrier that would hinder the market cap of the meme coin to achieve upward growth.
According to analysis, $0.070518 and $0.074543 currently exist as the two major areas of Interest. Several investors previously purchased the asset at these price points.
Around 377,620 addresses are reportedly possessing around 58.02 billion DOGE at this point. In this case, any selling pressure that could send the price downward would be countered by buying pressure from about 400,000 addresses. If this does not work, the price could be pushed to the $0.07000 psychological level. When bears continue to dominate the market, the price could fall to $0.06756, or even fall as low as $0.05694, invalidating the thesis.
Dogecoin is expected to go as high as $0.133603 before the year ends. On average, the asset has been predicted to finish the year at $0.111336.
