CandleFocus Dormant Dogecoins (DOGE) Awaken Following 19% Dip from Price Peak
2024-12-11
Author: Content Editor
The meme coin Dogecoin (DOGE) has seen increased activity as long-dormant coins are being moved, following a 19% decline in the coin's price. This movement is a bullish signal, indicating that previously inactive coins are back in circulation and increasing network activity. The Mean Dollar Invested Age (MDIA) metric for DOGE has been declining, suggesting increased network activity as dormant coins re-enter circulation, signaling bullish momentum. Positive funding rates across cryptocurrency exchanges further confirm this bullish outlook. DOGE currently trades above its Super Trend indicator, suggesting a potential rebound towards its three-year high of $0.48. However, if support at $0.34 cannot be maintained, the price may drop further to $0.31.
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