CandleFocus

Dogecoin (DOGE) Price Could Correct by 30% if Market Loses Steam

Author: Content Editor
Dogecoin (DOGE) has observed a surge in price, increasing by almost 10% in a day. The rise in average transaction sizes implies that larger market participants are getting more active, which could indicate the formation of bullish momentum. However, the strength of the trend is uncertain and there is a possibility of a correction. The increase in transaction sizes signals increased interest from institutional investors or whales, which can impact liquidity and drive price movements. The uptrend is supported by positive buying pressure, but the current momentum lacks robustness. The EMA lines are in a bullish formation, indicating favorable price action, but the trend is relatively weak and could reverse if buying pressure diminishes. If the uptrend continues and gains strength, DOGE may test resistance levels at $0.138 and $0.143. Conversely, if buying momentum weakens, DOGE could face a correction to support levels around $0.10 or $0.088.

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