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Dogecoin might rebound to $0.15

Dogecoin might rebound to $0.15

GrafaGrafa2024/09/16 22:15
By:Isaac Francis

Dogecoin (CRYPTO:DOGE) is showing signs of a potential price rebound as buyers are gearing up to inject $50 million into the meme coin. 

The recent accumulation by large holders and increased on-chain activity suggest that DOGE may be on the verge of a significant upswing, possibly reaching $0.15 in the coming weeks.

According to Exchange Onchain Market Depth data, market participants are prepared to buy 500 million Dogecoin coins if its price dips to $0.099. 

At the current price, this represents a $50 million investment. 

Meanwhile, sellers are looking to offload 365 million DOGE, valued at $36.5 million. 

The strong buyer presence at this level indicates a potential price increase fueled by rising demand.

Further supporting this bullish outlook is the increased balance of addresses holding between 1 million and 10 million Dogecoin coins, as reported by Santiment. 

Typically, a decline in this balance signals a sell-off, while an increase suggests accumulation. 

The current rise in balances indicates that accumulation is occurring both on exchanges and on-chain, reinforcing a bullish sentiment for DOGE.

Crypto analyst Rekt Capital noted that Dogecoin could be on the brink of breaking out of its macro downtrend, potentially leading to a sustained rally. 

"Ever since breaking its Macro Downtrend, DOGE has been experiencing a post-breakout retest of that Downtrend. A successful retest would confirm a new Macro Uptrend," Rekt Capital stated.

At press time, the Dogecoin (DOGE) price was $0.09914.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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