đ„đ„đ„ #DogecoinPrice Risks 12% Drop Amid Dwindling On-Chain Metrics
Dogecoin ($DOGE ) is facing challenges following a recent crypto market crash spurred by Middle East conflict uncertainties. While Bitcoin shows mild recovery at $61,200, Dogecoin has seen a slight price increase of 2.6%, currently trading at $0.1081. However, on-chain metrics suggest a potential 12% decline ahead.
On-Chain Concerns:
- Data from Santiment reveals a significant price-DAA (Daily Active Addresses) divergence of -66%, indicating that the recent price rise lacks supporting user engagement.
- Additionally, Dogecoin's #NVT (Network Value to Transactions) ratio has reached a three-month high of 397.32, suggesting it may be overvalued and indicating a potential price drop.
Current price action leans neutral to bearish, with a failed breakout above $0.1150 signaling weakness. Key levels include:
Support:
- $0.0950 (critical support; break below may trigger further declines)
- $0.1050 (short-term support)
Resistance:
- $0.1150 (previous neckline, now resistance)
- $0.1250 (peak during the fake breakout)
If DOGE can stabilize around $0.0950, it may present a long-term buying opportunity. Conversely, a rally above the neckline could signal broader market strength, potentially pushing DOGE toward $0.13, invalidating the bearish outlook.
Source - coingape.com
