$DOGE might be on fire! The latest on-chain data reveals that it is gearing up for a rise!
Recently, the price of Dogecoin has been skyrocketing, attracting a lot of attention. Especially on November 14, the price of Dogecoin surged to its highest point in three years, reaching $0.44! Everyone says this is because Trump mentioned Elon Musk, who has been boosting Dogecoin.
However, just a few days ago, on November 12, the price of Dogecoin suddenly dropped, falling 15% back to $0.37. This was because some traders thought they had made enough profit and started selling Dogecoin to pocket their gains. But don’t worry! The latest on-chain trading data shows that the selling pressure for Dogecoin has significantly decreased, almost gone!
There is something called the consumption age indicator, which can show whether long-term Dogecoin holders are selling or not. On November 12, this indicator peaked, indicating that many long-term Dogecoin holders started selling at that time. But now, this indicator has dropped significantly, suggesting that these long-term holders are not keen on selling right now.
This is great news for Dogecoin! Because when long-term holders do not sell, the supply of Dogecoin decreases, while the demand for it increases. In this way, the price of Dogecoin is very likely to continue rising.
The volume-weighted average price also indicates that Dogecoin is experiencing a strong upward trend. This shows that many people want to buy Dogecoin now and are willing to pay a higher price.
From a professional technical analysis perspective, one challenge Dogecoin is facing is the $0.44 mark. If Dogecoin can break through this price level, its upward momentum could become unstoppable, with the next target being $0.50!
Recently, I plan to set up a potential coin that is ready to explode, doubling my investment should be quite simple, and I am also looking for some potential coins to hold until the end of the year, expecting a tenfold increase is definitely possible, but spots are limited! If you want to join in, like and leave a message.
