Dogecoin (DOGE) prices made a remarkable climb to reach a 4-month high of over $0.10 in the past couple of days, following a hype-filled tweet initiated by Elon Musk. This caught the attention of investors, pushing the meme coin's worth beyond the $0.088 resistance level in the process.

However, on-chain data signals from Santiment and IntoTheBlock caution that Dogecoin price might soon enter into a correction phase. Currently, miners have sold-off 130 million reserve coins worth $11.8 million, as suggested by IntoTheBlock. Social Volume, an on-chain metric that tracks the total number of mention in relevant media channels, has also spiked tremendously. Historial data suggests Dogecoin has in the past experienced a price correction when daily mentions have gone past 13,000. This makes it significant that Social media mentions rose to 17,248 between April 2 and April 5.

As a result, traders are now expecting a potential price retracement that may cause Dogecoin to retest the $0.076 point. According to Exchange-Market depth chart, 50 million Dogecoin buy orders placed by exchange traders can initially keep the price above $0.088. Should the support be lost, a much larger buy-wall of 167 million coins could help prevent the bears from extending further. However, for any attempts at rally towards $0.11, the meme coin will have to first overcome the sale-pressure from 100 million coins. If the currency manages to break through this barrier, it has the potential to reach $0.12, where another 157 million coins worth of sell orders reside.



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