Dogecoin Price to Reach $0.1 Amid DOGE Day Celebrations?
Dogecoin price is up 20% in 10 days as the memecoin community prepared for the 2023 “DOGE Day”. Historical on-chain trends suggest possible upward movement.
Dogecoin Price Insights:
• Dogecoin (DOGE) has gained 20% over the last 10 days as the ecosystem commemorated the birthday of Kabosu, the Japanese dog who inspired the original “doge” meme.
• On-chain data reading reveals that Dogecoin had recorded a 450% increase in Large Transactions ahead of last year’s DOGE Day celebrations.
• Daily time frame technical indicators are pointing toward a potential rally
Dogecoin (DOGE) price is up 20% over the last 10 days as the pioneer memecoin community prepared the 2023 “DOGE Day” —the commemoration of the birthday of “Kabosu, the dog who inspired the original “doge” meme. Historical data trends suggest that DOGE prices could make another leg-up in the days ahead.
Whale Investors Increased their Trading Activity During 2022 DOGE Day Celebrations
According to data pulled from IntoTheBlock, Dogecoin whale investors had increased their trading activity ahed of the last Doge day celebration in November 2022. At the time, Dogecoing Whale Transactions spiked from 711 to 3,170 transactions between October 24 to November 1, representing a 445% increase in the Large Investors’ trading activity during that period.
DOGE Price Forecast: $0.01 is Within Reach
In further confirmation of the bullish outlook, the daily-time frame technical analysis shows that DOGE price is on the verge of breaking above the 200-day Simple Moving Average.
As seen in the chart below, while DOGE price is currently trading at $0.068, the 200-day SMA is currently around $0.069. If the bulls can break above that level, it could catalyze a major price rally toward the $0.10 area.
But on the flipside, if that resistance proves daunting, DOGE price could retraced slightly toward $0.059. However, the bulls can fight back at the $0.062, where there’s a sigificant support buy-wall.
#DOGEProjections $DOGE
