Dogecoin Targets $0.11 As Short-Term Traders Fuel DOGE Price – Details
11 Ottobre 2024 - 12:15PM
NEWSBTC
Dogecoin is now at a crucial demand level after a 4% rise from
local lows, stirring serious speculation in the market. The meme
coin has caught the attention of analysts and traders, with mixed
opinions about its next move. Some believe Dogecoin is preparing
for a rally, while others suggest further declines could be ahead.
Key data from IntoTheBlock highlights the importance of short-term
traders in driving liquidity for meme coins like DOGE. This cohort
of traders remains a significant source of activity, often
influencing rapid price fluctuations. Related Reading: Solana
Bullish Pattern Signals Massive Gains Ahead – 2021 Rally Could
Repeat Dogecoin is holding strong above the critical $0.10 level, a
key psychological support for the asset. If the price maintains
momentum, the next bullish target is around $0.11, which could
spark more excitement and buying interest in the market. As
speculation continues, all eyes are on whether Dogecoin can sustain
its recent strength or if it will face another wave of selling
pressure. The coming days determine the meme coin’s direction in
the weeks ahead. Dogecoin Price Driven By Speculation
Dogecoin faces intense speculation as investors and analysts
express differing views about its future price action. After
several weeks of ups and downs, the meme coin has been subjected to
massive volatility, reflecting the overall market’s erratic
behavior. The uncertainty surrounding Dogecoin has led to heated
debates about whether it will rally or continue to fall. Key data
from IntoTheBlock reveals the pivotal role of short-term traders in
driving meme coins, particularly Dogecoin. These tokens thrive on
hype and speculative trading activity, and DOGE leads the pack with
the highest number of active short-term traders. Over the past
week, Dogecoin has seen approximately 113,000 short-term traders,
underscoring its dominant position in the meme coin space.
Interestingly, DEGEN, a much smaller token, has also attracted
around 23,000 short-term traders—similar to Shiba Inu’s, despite
DEGEN’s market cap being only 10% of Shiba Inu’s size. This
highlights the speculative frenzy within the meme coin ecosystem,
where even lesser-known assets garner significant trading activity.
Most mid-sized meme coins, in comparison, show only around 4,000
active short-term traders, illustrating Dogecoin’s continued
strength. Related Reading: XRP Will Jump 75% If It Holds Current
Demand Level – Details Despite the speculative nature of these
assets, Dogecoin’s ability to attract the most active traders
signifies resilience and hints at a potential for future rallies,
even amid broader market uncertainty. DOGE Holding Above $0.10
Dogecoin (DOGE) trades at $0.108, testing the 4-hour 200 moving
average (MA) as resistance. Bulls aiming to maintain momentum must
reclaim this key indicator to increase prices. The 4-hour 200
exponential moving average (EMA) also sits at $0.1088, just under
1% above the current price. This creates a crucial resistance zone
for DOGE. A clear break above the 200 MA and 200 EMA and the
psychological $0.11 mark would likely trigger a rally, pushing the
price higher as bullish momentum takes hold. However, failure to
reclaim these indicators could lead to a more significant
correction. In this case, DOGE could face a drop to $0.088, a key
lower demand level, signaling further downside in the coming days.
Related Reading: Cardano (ADA) Testing $0.34 Support – On-Chain
Data Suggests Price Consolidation As Dogecoin continues to test
these levels, traders are closely watching for a decisive move that
could indicate the next major trend, with the potential for a rally
or further decline hinging on whether bulls can reclaim these
moving averages and push beyond $0.11. Featured image from Dall-E,
chart from TradingView
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