Dogecoin (DOGE), often hailed as the leading meme coin with a market capitalization of $15.69 billion, holds the 9th rank in the top 10 based on market cap statistics. During recent market turbulence, Bitcoin (BTC) faced challenges in maintaining its value above $55,000, while Dogecoin Price attempted to sustain its position near the crucial support level of $0.0973.
Dogecoin Price vs. BTC Price 1.D. | Source: TradingView
The popularity of this meme-based coin has closely followed the price dynamics of the market leader. Currently, DOGE is trading at $0.10775, with a 1.10% intraday increase indicating strong support at the current price levels.
Analyzing Dogecoin Price Statistics
The total number of DOGE addresses has been on the rise and has now surpassed 6.52 million. On average, DOGE stays in an address for around 2.3 years. Whales hold a considerable portion of DOGE, accounting for 41.47% of the total share, equivalent to approximately 64.26 billion DOGE.
In/out of the Money | Source: IXFI
The in/out of the money data provides insights into the financial stance of holders based on profits, losses, and break-even points concerning the purchase and the current prices.
Addresses currently in profit comprise 4.65 million, experiencing a notable surge of 73.06%. Conversely, 1.64 million addresses are at a loss (25.76%), while 75.06K addresses are at break-even (1.18%).
Analyst Projections on DOGE
An analyst, identified as @cryptoAM17, has shared positive sentiments regarding Dogecoin's price. Through a tweet post featuring a weekly TF graph of DOGE, the analyst outlined potential price levels at $0.12, $0.16, and a target of $0.34, projecting significant gains.
The analyst's graph suggests the completion of an accumulation phase, signaling a potential price surge.
Decoding DOGE's Daily Chart
The daily chart depicts a falling wedge pattern, hinting at a potential breakout subject to bullish interest in DOGE. Notably, the $0.09733 mark has witnessed bullish activities in meme coins.
A successful breach above $0.12 could initiate a sustainable and remarkable uptrend for DOGE. Recent price movements have shown a shift from the lower wedge boundary to surpass the dynamic upper trendline resistance, signaling potential new highs.
Key technical indicators, such as the MACD position below the zero line and the impact of dynamic EMA bands' resistance on pricing, along with an RSI value of 36.94, underline the bullish presence.
Sustained support at $0.09733, accompanied by heightened bullish interest, could pave the way for DOGE to target resistance levels at $0.1282 and $0.1747. Conversely, losing momentum at $0.09733 could lead to a decline towards $0.05729.
Despite prevailing market challenges, DOGE showcases signs of a bullish stance, with analysts envisioning a potential threefold increase upon surpassing the $0.12 mark. Technical indicators hint at a possible breakout in DOGE's price trends.
