CandleFocus This is Why Dogecoin Price Could Return to $0.15
2024-09-16
Author: Content Editor
Buyers are taking advantage of the dip in Dogecoin's price, purchasing the meme coin in large quantities. Market participants are prepared to buy 500 million Dogecoin coins if the price drops to $0.0099, indicating a $50 million investment. This increased presence of buyers suggests a potential price upswing in the coming weeks or months. Santiment data shows an increase in the balance of addresses holding Dogecoin, suggesting accumulation is occurring on both exchanges and on-chain. Crypto analyst Rekt Capital believes Dogecoin could break out of the downtrend and go on a consistent upswing. Dogecoin is currently trading at $0.10, with strong support in this zone. The Money Flow Index indicates significant capital inflows, potentially leading to a price rise. If this trend continues, Dogecoin could rally by nearly 50% to reach $0.15, but breaking below the support could invalidate the bullish outlook.
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