Dogecoin price prediction – All the reasons why DOGE can still fall to $0.12

Dogecoin's Price: Development Activity and Other Indicators

If development activity remains stagnant, DOGE's price may struggle to increase. The positive Cumulative Liquidation Levels Delta (CLLD) suggests a potential price decline to $0.12.

Development Activity's Impact on Price

Development activity measures the rate of public improvements to a project's network. In February, a surge in activity from 0.39 to 16.24 corresponded with a price increase from $0.08 to $0.14. Similar patterns were observed in October-November 2023.

Liquidation Levels and Price Risk

At press time, there are limited liquidation points between $0.15 and $0.16. This lack of liquidity could hinder DOGE's upward movement. A sideways movement or even a drop to $0.12 is possible.

CLLD and Price Prediction

Positive CLLD values indicate more long liquidations, suggesting a potential retracement. The current positive CLLD supports the $0.12 bearish prediction.

Active Addresses and Network Activity

DOGE's 24-hour active addresses have declined significantly from 250,000 three months ago to 54,600 at press time. This decrease indicates reduced network activity.

Conclusion

The combination of flat development activity, low liquidity, and declining network activity may limit DOGE's price growth. However, if market conditions improve, DOGE may still attempt to reach $0.12.

Source: Santiment

Source: Hyblock

Source: Santiment