Bitrabo Editorial
A noted decrease in the demand for Dogecoin (DOGE) has been highlighted alongside a slight decline in its price by Crypto Daily Trade Signals amidst the hype in the meme coin market. This drop has led to the formation of a Horizontal channel, indicating a technical pattern where the price remains within a limited range.
Shift in Dogecoin’s Price and Demand
Examining the implications of this decline on Dogecoin, the principal meme coin, Crypto Daily Trade Signals noted a significant drop in DOGE’s demand by over 18% in the previous week, coupled with a 1% decrease in its price. This decline has resulted in Dogecoin’s price fluctuating within a confined range, forming a horizontal channel.
The decline in demand has influenced DOGE’s network activity, causing its price to remain within a tight range. Horizontal channels are illustrated through trend lines, denoting the price range between the upper resistance line and the lower support line. They are also known as Sideways trends or price ranges, established by connecting variable pivot highs and lows.
Additionally, key momentum indicators suggest an absence of market control by buyers or sellers post the decline, potentially leading to a consolidation in DOGE’s trajectory.
Anticipating a Potential Price Upsurge for DOGE
Despite the price downturn, Ali Martinez previously highlighted the likelihood of a price doubling for DOGE in the near future. Martinez pointed out significant resistance around $0.166 and $0.171, with approximately 75,000 addresses holding around 10 billion DOGE at this resistance level. Surpassing this level could potentially lead to a price doubling, with $0.322 marking the subsequent significant barrier.
Currently, Dogecoin is at $0.1606, showcasing a 0.77% increase in the last 24 hours, supported by a trading volume of $1.09 billion within the same period. The market capitalization of $23.21 billion has also shown a similar percentage increase within the past day.