Dogecoin (DOGE) Escapes Death Cross – Eyes $0.20 Next

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) has reclaimed the crucial support level of $0.15 this week, and the rally over the past 24 hours has furthered the increase. While investors may be looking to sell, DOGE has room for growth before profit-taking becomes a viable option.

Dogecoin Whales Attempt to Pump the Price

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Dogecoin's price is aiming to secure its recovery and rally further, with whales actively supporting the trend. The growth in supply over the past week indicates that large wallet holders are taking advantage of the low prices. Addresses holding between 10 million and 100 million DOGE have added over 500 million DOGE (worth $77 million) in the last week, bringing their total supply to 17.57 billion DOGE.

This suggests that whales are confident in a further price increase, which is why they are holding onto their DOGE rather than selling.

Sell Signal Flashes, But Whales HODL

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Despite the network flashing a sell signal due to declining participation (active addresses have dropped from 67,000 to 52,000 in the past two months), DOGE holders are not looking to sell at the moment. They believe that their supply will likely yield profits once the resistance at $0.16 is breached.

Dogecoin Price Prediction: Gains in Sight

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Dogecoin's price is currently trading at $0.15, above the crucial support of $0.15. This comes after escaping a death cross (when the 200-day EMA crosses above the 50-day EMA) this past week. While this is typically considered a bearish signal, DOGE is expected to continue its recovery, aiming to breach the resistance at $0.17. Flipping this level into support would mark a monthly high for DOGE, enabling investors to book profits.

On the downside, if the support at $0.15 is lost, the consolidation-decline will continue. A drop to $0.12 will invalidate the bullish thesis, and a further decline to $0.14 could occur if support at that level is also lost.