Can Dogecoin Price Hit $0.15 After Elon Musk Lawsuit Win?

Dogecoin Price Fluctuates Amidst Market Uncertainty

Despite recent news of Elon Musk prevailing in a lawsuit involving Dogecoin, the cryptocurrency's price has remained relatively stagnant. Over the past 24 hours, DOGE has declined by 0.9% to trade at $0.10, adding to investor uncertainty.

On-Chain Metrics Reveal Mixed Sentiments

An analysis of DOGE's on-chain metrics sheds light on the market's indecisiveness.

Social Dominance and Positive Sentiment

According to Santiment, Dogecoin's social dominance surged to a three-month high, indicating increased attention and discussion on social media. Additionally, positive sentiment outweighed negative sentiment, suggesting potential bullish momentum.

Active Addresses at Two-Week High

Active addresses on the Dogecoin network reached a two-week high, indicating increased user engagement. This metric typically suggests growing interest and usage.

Contrasting Metrics Sow Uncertainty

However, the increase in active addresses contradicts the stagnant price action over the past three days. This divergence suggests that the market is currently in a state of indecision. Investors may be awaiting further developments before making significant moves.

Price Divergence and Speculation

The negative divergence between DOGE's price and Daily Active Addresses (DAA) indicates a disconnect between price and user activity. The high social dominance could be attributed to speculative interest fueled by news of Musk's lawsuit dismissal. Investors may be discussing the asset but not actively engaging with it through transactions.

Technical Analysis: Bearish Sentiment Prevails

A review of the 30-day Coinglass Liquidation Heat Map reveals more Shorts than Longs, indicating overall bearish sentiment. Significant sell and buy walls exist around $0.1023 and $0.0925, respectively.

Shorts Closing, Potential Bullish Sentiment

While the market is currently bearish, the gap between Shorts and Longs is small and shrinking. This suggests that sentiment could potentially shift to bullish, driving the price towards $0.13.

Possible Surge and Drawdown

Traders are closing their long positions, which is typically bearish. However, a surge to $0.13 remains possible. Alternatively, a price decline to $0.935 or further to $0.08 is conceivable if support levels fail to hold.