Technical Indicators
Dogecoin’s 14-day RSI is at 41.91, indicating a bearish trend. The price is trading below all major moving averages on the daily chart, and the Bollinger Bands show an upper band at $0.1259 and a lower band at $0.0938. This suggests the potential for a rally if the price can break past its current SMA level of $0.1099 $BTC $DOGE
On-Chain Metrics and Investor Sentiment
Despite the recent downtrend, on-chain metrics reveal positive investor sentiment. Large transactions have increased, and the number of addresses holding between 1 million and 10 million DOGE has risen, indicating accumulation. Additionally, a considerable buy interest is observed at the $0.10 level, suggesting that any dip below $0.10 might be short-lived as strong buying pressure could push prices back up .
Forecast and Long-term Outlook
In 2024, Dogecoin’s price is predicted to range between $0.10 to $0.16, with an average price around $0.13. If the bullish trend continues, Dogecoin could potentially reach $0.24 by the end of the year. Long-term forecasts suggest that the price could go as high as $1.91 by the end of 2025 if the market conditions are favourable
Final Thoughts
Dogecoin is at a critical junction. Holding the $0.0974 support level is crucial for preventing a further decline. Investors should watch for a breakout above $0.1146 as a signal for potential upward momentum. However, caution is advised given the volatility and the bearish signals from technical indicators.
