June 23, 2024

Dogecoin recently stabilized around $0.18 after hitting a three-year high of $0.22 on March 28. The drop from this high was triggered by big holders selling off their coins, likely for profits. This selling spree caused downward pressure on the price.

Despite this selling pressure, some analysts still predict the coin to go as high as $1. Can Dogecoin bounce back as forecasted by the top analyst, or is this the end of the bullish trend?

Dogecoin Whales Offloading Tokens, Putting Pressure on Price

Information from the Santiment platform shows that people holding 10 million to 100 million DOGE tokens are declining. This indicates some holders are selling to secure profits from recent gains. 

Notably, this profit-taking trend isn’t new within this space. During March’s upward trend, santiment data showed similar behavior, with reports of a whale offloading 86 million DOGE tokens.

Further, Santiment’s recent warning on social media about impending sell-offs by these whales confirms this trend. The platform noted that major dormant whales are moving their DOGE holdings, signaling preparation to sell.

Despite this, the DOGE community remains resilient, viewing the dip as a chance to accumulate more coins.

They also speculate that there’s a possibility for these big investors to come back after they finish taking their profits. They want to utilize the low value of Dogecoin in acquiring more coins, hoping to make more profit in the future. 

As such, analysts believe this interest could attract more investors and drive the price toward $1. For instance, a well-known cryptocurrency expert, Milkybull Crypto, shared a series of posts on X (previously Twitter) that Dogecoin is about to explode in value.

$DOGE to Hit $1 Soon, Analyst Predicts

On April 01, Milkybull mentioned that Dogecoin has finally shown positive signs after a long time, which means its price could skyrocket. “It is going to be explosive,” He added.

Also, today, April 3, 2024, Milkybull Crypto reposted a post in which he made a similar bullish project for the price of Dogecoin again.

According to him, Dogecoin is breaking out of a pattern where people were just holding onto it. Now, it’s testing old price levels before shooting up. As such, he believes that $1 is a big target for Dogecoin, affirming that the Dogecoin surge could happen soon. 

Milkybull Crypto is not the only analyst that is bullish on Dogecoin. Another trading expert, Cold Blooded Shiller, recently posted a more bullish target on the X space.

He forecasted the price to increase significantly to $4 in a bull run, representing a surge of 1900% from its current price of $0.18.

In the tweet, CBS predicted that Dogecoin (DOGE) will initially rise to $1. Early buyers will sell to lock in profits as the price hits this mark, causing a temporary drop. 

Additionally, he anticipates the funding rate to turn negative, favoring long traders. 

For context, a negative and rising funding rate suggests incentivized long positions, possibly leading to increased pressure on shorts and triggering a short squeeze. Consequently, shorts rushing to cover their positions could drive the price up unexpectedly. 

This rise might induce regret among previous sellers, fearing they will miss out on potential gains. CBS forecasts that Dogecoin could surge to approximately $4.20 as more investors rush in.

DOGE Price Analysis: Bears Dominate the Market, but Indicators Signals Hope

Dogecoin ($DOGE) Stabilizes Around $0.18 Amid Whales Massive Selling Spree

Dogecoin is experiencing a bearish sentiment, evident from the dropping trend and formation of red candles on the price charts. Despite this, several technical indicators suggest potential positive outcomes for the meme-based cryptocurrency.

One of the reassuring signs is that Dogecoin’s price remains above both the 50-day and 200-day Simple Moving Average (SMA) lines. This indicates a promising long-term outlook for the coin, providing hope for investors.

Dogecoin ($DOGE) Stabilizes Around $0.18 Amid Whales Massive Selling Spree

The Relative Strength Index (RSI) currently stands at 51. A value of 51 suggests that Dogecoin is neither strongly overbought nor oversold. Moreover, Dogecoin’s price is above the moving average line within the Bollinger Bands. 

Price staying above the moving average line within the bands signifies stability and potential for upward movement. Additionally, the Money Flow Index (MFI) is at 76, indicating strong buying pressure in the market. 

The MFI measures the strength of money flowing in and out of a security. A value of 76 suggests considerable buying activity supporting Dogecoin’s price.

While the bearish sentiment persists, positive indicators such as the SMA, RSI, Bollinger Bands, and MFI suggest the potential for upward movement in the long term. 

However, monitoring the market closely and exercising prudent risk management strategies before making investment decisions is essential. Meanwhile, another coin-making wave in the crypto market may become the next big thing if investors consider it.

Dogecoin20′ Gears Up for DOGE Day Launch Following $10M Crypto Presale

The new meme coin called ‘Dogecoin20’ (DOGE20) got much attention when it raised more than $10 million in its presale in March. This happened during the craze for meme coins in Q1 of 2024.

Only a few tokens are left to buy before it officially launches on Uniswap. The team behind DOGE20 picked April 20, 2024, as the day people can claim their tokens. This day is special for Dogecoin fans worldwide.

It’s called “DOGE Day,” it’s a fun time when Dogecoin fans celebrate the coin’s culture and community. 

Dogecoin20 wants to be a part of this excitement by starting their journey on the same day. They hope to connect with the Dogecoin community and share in the fun.

Dogecoin20 – The Enhanced Dogecoin Revolution

As mentioned earlier, DOGE20 is a new and improved version of Dogecoin, built as an ERC-20 token. It aims to upgrade Dogecoin with better features and a new way to earn money without actively trading.

Instead of using energy-intensive mining like Dogecoin, DOGE20 uses an eco-friendly staking system. This helps the environment and makes earning rewards easier for users.

Unlike Dogecoin, which has infinite inflation, DOGE20 has a maximum supply of 140 billion tokens. The tokens are distributed on decentralized exchanges for presale, marketing, treasury, staking rewards, and liquidity.

You can earn passive income with DOGE20 by staking your tokens. The staking program lasts two years and rewards holders with over 60% annual returns. This encourages people to hold onto their tokens for the long term.

The project has gained attention through strategic marketing efforts, including promotion on popular platforms like YouTube. 

With high demand during the presale, there’s a last chance to buy before the token launches on exchanges. You can buy DOGE20 on the project’s website using ETH, USDT, or regular money at the current price of $0.00022.


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