Dogecoin is currently in critical demand after rising 4% from its local lows, sparking serious speculation in the market. The meme coin has attracted the attention of analysts and traders, with mixed opinions on its next move. Some believe Dogecoin is preparing for a bull run, while others believe further declines are possible.
Key data from IntoTheBlock highlights the importance of short-term traders in driving liquidity for meme coins like DOGE. This group of traders remains a significant source of activity, often influencing rapid price movements.
Dogecoin is holding steady above the key $0.10 level, an important psychological support for the asset. If the price maintains its upward momentum, the next upside target would be around $0.11, which could spark more excitement and buying interest in the market.
As speculation continues, all eyes are on whether Dogecoin can maintain its recent strength or face another wave of selling pressure. The coming days will determine which direction the meme coin will take in the coming weeks.
Dogecoin Price Driven by Speculation
Dogecoin is facing intense speculation as investors and analysts express differing views on its future price action. After weeks of ups and downs, the meme coin has seen massive volatility, mirroring the erratic behavior of the entire market. The uncertainty surrounding Dogecoin has led to heated debates about whether it will rise or continue to fall.
Key data from IntoTheBlock shows the important role short-term traders play in driving meme coins, especially Dogecoin. These tokens thrive on speculative trading and hype, with DOGE leading the pack with the highest number of active short-term traders.
Over the past week, Dogecoin has seen around 113,000 short-term traders, underscoring the coin’s dominance in the cryptocurrency space.
Interestingly, DEGEN, a much smaller token, also attracted around 23,000 short-term traders—similar to Shiba Inu, despite DEGEN’s market cap being only 10% of Shiba Inu’s size. This highlights the speculative mania in the meme coin ecosystem, where even lesser-known assets attract significant trading activity. Most mid-sized meme coins, by comparison, only have around 4,000 active short-term traders, illustrating Dogecoin’s continued strength.
Despite the speculative nature of these assets, Dogecoin's ability to attract the most active traders shows its resilience and hints at future upside potential, even amid general market uncertainty.
DOGE Holds Above $0.10
Dogecoin (DOGE) is trading at $0.108, testing the 4-hour 200-day moving average (MA) as resistance. Bulls looking to maintain the bullish momentum must reclaim this key indicator to increase the price. The 4-hour 200-day exponential moving average (EMA) is also at $0.1088, just under 1% above the current price. This creates a key resistance zone for DOGE.
A clear break above the 200 MA and 200 EMA and the psychological $0.11 level would likely trigger a rally, pushing the price higher as bullish momentum takes over. However, failure to reclaim these indicators could lead to a more significant correction. In this case, DOGE could face a drop to $0.088, a key lower demand level, signaling further declines in the coming days.
As Dogecoin continues to test these levels, traders are closely watching for a decisive move that could indicate the next major trend, with the potential for further upside or downside depending on whether bulls can reclaim these moving averages and break above $0.11.
