Dogecoin’s Short-Term Price Target – Is $0.12 Now?
Dogecoin [DOGE] is trading close to the lower line of its horizontal channel, where it has been fluctuating since April 13. The upper line of the horizontal channel forms resistance, while the lower line provides support. For DOGE, bears are creating resistance at $0.17, while bulls are defending the price at $0.12 – which has become a long-term support.
If bulls fail to hold this support, DOGE’s price could fall to new lows, indicating that the market is flooded with selling activity. Several on-chain indicators hint at this possibility. Since March 31, DOGE’s weighted sentiment has been predominantly negative, reflecting the overall depressed market sentiment towards the asset. At press time, DOGE’s weighted sentiment is -0.17, and this negative sentiment could cause its price to continue to fall below the support level.
In addition, the market demand for DOGE has dropped significantly. According to the data, the number of addresses that completed at least one transaction involving DOGE fell by 13% in the past 30 days. In order to prevent further losses in their investments, large investors gradually reduced their investments in DOGE.
According to the data, the number of large daily transactions of DOGE has dropped significantly in the past 30 days. For example, the number of transactions with a value between $100,000 and $1 million has dropped by 46%, and the number of transactions with a value between $1 million and $10 million has dropped by 39.1%.
Despite the poor price performance, DOGE's futures traders remain bullish. According to the data, the funding rate has been positive for the past two months, except for the negative values recorded on June 18-19. A positive funding rate indicates a greater demand for long positions, that is, more traders expect prices to rise than those who expect prices to fall.
In conclusion, despite the downward pressure and negative sentiment currently facing DOGE, the bullish attitude of its futures traders may bring a ray of hope for the future.
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