Dogecoin Price Prediction: Rebound as 60,000 new traders purchase dip

Dogecoin rises 10% from Tuesday's 20-day low of $0.36 to $0.40 on Wednesday.

Between December 2 and 11, the number of wallets holding DOGE rose by 60,000, indicating a surge in new investors purchasing the plunge.

Bulls gained 10% in 24 hours to return Dogecoin to $0.40 on Wednesday. DOGE on-chain data suggests that many new entrants bought the crypto market correction slump.

Bitcoin led the rally, reclaiming $101,000, while Dogecoin also made significant gains after the crypto market fall on Monday.


The graphic above shows the DOGE price rising 10.2% to $0.41 Wednesday. This strong rally recovers almost half of the 21.8% losses suffered on Tuesday when prices fell to $0.36, a 20-day low.

60,000 new DOGE wallets amid crypto market drop


The blue-shadded area of the data above reveals that Dogecoin has 6.8 million wallets on December 2. As crypto markets fell this week, 60,000 new wallets bought DOGE, increasing the total holder addresses to 6.86 million at press time on December 11.

A big number of new wallets during a market decline frequently suggests the entry of new strategic traders taking advantage of lowering prices.

Expect $0.50 Dogecoin price break?

Dogecoin (DOGE) rebounded 10.2% after the market slump, boosted by positive momentum after the U.S. CPI data. The daily chart shows technical indications aligning for a possible protracted rebound, although resistance and support levels must be monitored.

Price prediction for Dogecoin

For psychological reasons, the upper Bollinger Band around $0.46 is the main barrier to watch.

A break above this zone might go to $0.50, a level last touched during bullish mood waves.

Volume Delta data suggests continuous buying pressure might propel DOGE to new short-term highs, but traders should watch for profit-taking at $0.50.

The lower Bollinger Band, $0.38, provides immediate downside support.

A decline below $0.38 would allow retest of $0.36, where support is firmer.

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