- Summary:
- Dogecoin price has resisted breaking below the USD 0.300 mark for the last ten days and recent on-chain metrics signal a potential recovery.
Dogecoin price has been consolidating around the $0.300-$0.335 range in the last ten days, and is primed for a breakout. The dog-themed meme coin traded at $0.322 at the time of writing, having edged up by 2.6%. A key barrier is at $0.350, above which a sustained reversal is likely to set in.
Dogecoin price metrics signal bullishness
The token’s 24-hour traded volume was at $1.96 billion, up by 37% as of this writing. A rise in an asset’s traded volume during a price increase signals a potential extension of an uptrend. That said, Dogecoin is renowned for its hype-driven price, and community support will be key to sustaining an upside trajectory.
Meme coins have struggled in this crypto market rally cycle, with investors focusing more on utility. That has seen Dogecoin’s price decline by more than 24% in the last month. However, DOGE’s weak correlation with BTC price could help it recover faster amid a market-wide decline headlined by the market bellwether’s loss-making streak. According to IntoTheBlock, DOGE price correlation coefficient with Bitcoin in the last 30 days is 0.47.
Liquidation data also points to positive investor confidence in Dogecoin price. According to Coinanalyze, DOGE has a 3.39 long/short ratio in the last day. That shows that the value of long (buy) positions far-exceeds that of short (sell) positions on the asset.
Dogecoin price prediction
Dogecoin price pivots at $0.315 and the upside will prevail if the buyers keep the price action above that level. If the price holds above the pivot, DOGE could reclaim $0.324, above which it could target $0.335 next.
In the bearish scenario, breaking below $0.315 will put the sellers in control. That could send the token to $0.304. A break below that level will invalidate the upside narrative. Also, that could create a path to decline further and test the second support at $0.293.
