The Dogecoin price has been trading flat for the past couple of months, and the bearish divergence has been largely intensified of-let!
The revival of the bullish trend appears to be just around the corner and hence, a notable jump in the DOGE prices may be expected in the coming days
Dogecoin, recently, rolled out new collaborations, the where-in software giant BigCommerce partnered with BitPay & Coinpayments to accept DOGE along with other popular cryptos. The piece of news could have uplifted the price significantly, but the asset remained unaffected. Moreover, the possibility of the price declining below $0.058 is high.
On the brighter side, the DOGE price may experience a slight relief from the bearish influence as new players enter the market. Nearly 6 new whales have joined the network, holding nearly 620 million DOGE. The number of addresses holding 100M to 1B DOGE has witnessed a spike of nearly 5.13% over the past week.
Nearly 115 to 117 addresses were holding 100M to 1B DOGE since the beginning of May, but the whale count has jumped to 125 in the past week. Presently, 100M to 1B DOGE is held in nearly 28.17K addresses, with a total of 7.68 billion DOGE worth nearly $700 million. While they constitute only 5.64% of the total circulating supply, the measure of its impact on the price may appear less.
Dogecoin (DOGE) Price Analysis
- DOGE price with the recent upswing broke out from the falling wedge but faced a major rejection at the 200-day MA which is considered a crucial resistance
- However, the price continues to hold the 50-day MA levels as strong support which may further ignite a firm rebound
- In the coming days, the DOGE price may again attempt to test the immediate resistance at $0.064 and try to secure the levels above
- In such a scenario, the Dogecoin(DOGE) price may reach highs beyond $0.071 and head ahead to slash a zero