$DOGE may be about to see a big surge! On-chain data shows that it is brewing a bullish trend.
Recently, the price of Dogecoin has been rising, attracting a lot of attention. Especially on November 14, the price of Dogecoin soared to its highest point in three years at $0.44. Many people believe this is because Trump mentioned Elon Musk's role in promoting the development of Dogecoin.
However, on November 12, the price of Dogecoin corrected by 15%, dropping to $0.37. This was because traders began to sell Dogecoin to lock in profits. But don't worry, the latest on-chain trading data shows that the selling pressure has significantly decreased by 95%!
The consumption age indicator is a great proof of this. This indicator shows the situation of long-term holders selling Dogecoin. On November 12, this indicator peaked, indicating that many long-term held Dogecoins were sold at that time. But now, this indicator has significantly decreased, indicating that long-term holders are less inclined to sell now.
This is good news for Dogecoin! Because long-term holders are not selling, the supply of Dogecoin will decrease while the demand is increasing. This could potentially lead to a continued rise in Dogecoin's price.
Looking at the volume-weighted average price, this indicator also shows that Dogecoin's bullish momentum is strong. This indicates that buyers are very active now, willing to pay higher prices for Dogecoin.
From a technical analysis perspective, the first resistance level Dogecoin faces is $0.44. If Dogecoin can break through this price level, then its upward trend could continue, with the next target price being $0.5!
Recently, I plan to lay low for a potential coin that is ready to explode, doubling is quite simple, and I am also preparing to find some potential coins to hold until the end of the year, expecting a growth space of over 10 times is not a problem, limited spots! If you want to keep up, like + comment.
