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ThecoinrepublicAnalysisCan Dogecoin Price Do 3x Gains? Here's...
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Can Dogecoin Price Do 3x Gains? Here’s What Analysts Say

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  • The average time that DOGE stayed at an address was 2.3 years before it was transferred.
  • After surpassing certain levels, analysts’ perspectives on weekly are optimistic for 3x returns.

Dogecoin (DOGE) the top meme coin with a market cap of $15.69 Billion, ranked 9th in the top 10 by market cap.

In the past couple of days, BTC tried to sustain after plunging below $55000. On the other hand, Dogecoin Price tried to sustain near the $0.0973 support level.

Dogecoin Price
Dogecoin Price vs /BTC Price 1.D. | Source: TradingView

The memecoin has resonated with the price activity of the market leader. At press time, DOGE was trading at $0.10775 with an intraday gain of 1.10% reflecting the presence of bulls at the support. 

Dogecoin Price: On-Chain Overview

The total number of addresses holding DOGE in balance has been increasing, total addresses have reached 6.52 Million. Meanwhile, the average time that DOGE stayed at an address before it was transferred was around 2.3 years. The concentration of whales in DOGE stands at 41.47%, with nearly 64.26 Billion.

In/out of the Money | Source: IXFI
In/out of the Money | Source: IXFI

Furthermore, the in/out of the money chart highlights the data of holders’ money based on the losses, profits, and breakeven, on comparing it with the purchased price and current price. 

Thus, it shows that the addresses holding profit stands at 4.65 Million with a 73.06% jump. Meanwhile, the losses are with 1.64 Million addresses, which makes 25.76%, and at breakeven are 1.18% with 75.06K addresses.

Analysts are Expecting 3x Gains in DOGE

An analyst @cryptoAM17 has shared positive thoughts related to the Dogecoin (DOGE) price. Where he shared a weekly TF graph image of DOGE on X via a tweet post.

In the shared graph, he expressed a deeper prediction, where he shared certain levels where the reclaiming $0.12 and $0.16 could register 3x gains in the price of DOGE up to $0.34.

Over, the structure shared on the weekly chart by the analyst @cryptoAM17 also seemed like the accumulation seems to have been completed, and after a brief surge, the price has taken one step back to build a pullback and send DOGE to the moon, again.

Deciphering the Daily Chart of DOGE

The daily chart has built a falling wedge, and a breakout seems to be anticipated, contingent on the bulls’ interest in DOGE. Memecoins have demonstrated bulls’ presence at $0.09733 on the daily chart.

Based on the situation, if DOGE successfully crosses $0.12, it could lead to a sustainable and remarkable rally. Meanwhile, the price has mobilized from the lower boundary of the wedge to overcome the dynamic upper trendline resistance level and ascend to new elevations.

Dogecoin price action by Sam_TCR on TradingView.com

The indicators, at a glance, show that the MACD below zero line, dynamic resistances of EMA bands shook off the price, and RSI flashed at 36.94, signifying the bulls presence.

Therefore, if the sustenance on $0.09733 gets followed by the bulls’ interest, the nearest resistance would be at $0.1282, and $0.1747, respectively.

However, if DOGE loses traction on the $0.09733, the deterioration could stretch toward the $0.05729 level. 

DOGE has been showing signs of a bullish presence despite the overall market slump. Analysts predict a potential 3x gain if it can reclaim above $0.12. The technical indicators also suggest a possible breakout if bulls remain interested.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Varuni Trivedi
Varuni Trivedi
Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.
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