- The Dogecoin price stays in range and witnesses consolidation.
- Amidst the range-bound moves, the technicals of DOGE still look robust.
The 8th largest cryptocurrency, Dogecoin (DOGE), guides consolidation price action and hovers close to the 100-day EMA support zone. The DOGE price was capped in a cage for over one and a half months, revealing a decline in buying interest.
A decisive close above the $0.17000 would lead to a sharp upward momentum, and it might retest the supply region of the $0.2200 mark.
The primary concern for bulls is that, despite the volume surge of over 96% in the past 24 hrs, the price won’t react significantly, resulting in a dilemma among the holders.
However, the buyers have persisted in accumulation and are eyeing a breakout shortly. Last week, the bulls tried to surpass the zone but faced rejection and dragged to the support zone of $0.1500.
At press time, the Dogecoin (DOGE) price traded at $0.1479 with an intraday drop of 7.20%, reflecting neutrality on the charts. It has a monthly return ratio of 3.20% and 112.02 % yearly.
The pair of DOGE /BTC is at 0.00000213 BTC, and the market cap is $21.30 Billion. Analysts are neutral and suggest that the DOGE price may register a range breakout and retest the upside mark of $0.2000 soon.
Dogecoin Price Projection: Could Bulls Dominate Ahead?
In the overnight session, a significant profit booking was noted in the market, and most of the altcoins revealed a fall because of higher-than-expected U.S. job data.
Dogecoin investors looked worried and were in a dilemma due to the uncertain price action. Notably, the Dogecoin price took support on the 100-day EMA mark and looked neutral.
Source: Santiment
Meanwhile, the trading volume remained flat and surged over 96% to $1.37 Billion.
Ranked at 8 per the market cap, DOGE has a total supply value of 143.81 billion and a volume-to-market cap ratio of 0.0645. The Momentum Indicator (RSI) curve drags below the midline region and witnesses a negative crossover on the charts.
Per the Fibonacci retracement levels, the coin traded below the 38.2% zone and is close to the mid-Bollinger Band support zone.
Could Whale Activity Pull DOGE Beyond Barricades?
In a recent tweet by @Ali Martinez, he mentioned that DOGE has experienced a significant surge in whale activity. In the last few hours, $1 Million transactions were recorded, which might be a strategic shift of the holders.
#Dogecoin whale activity is on the rise! Over 150 $DOGE transactions, each exceeding $1 million, have been recorded in the past 24 hours. pic.twitter.com/04duEybvio
— Ali (@ali_charts) June 7, 2024
Source: X
Price Volatility and Weighted Sentiment Data
Per the Santiment data, the price volatility data remained lower and dragged below the midline region, noting around at 0.067, revealing lower selling pressure.
Source: Santiment
Meanwhile, the weighted sentiment data pumped over 12% and headed toward the midline region, reflecting positive investor interest.
Social Insights Revealed Mixed Cues
The Social Dominance data highlighted a 45% spike and jumped to the 1.60% mark, implying decent participation of investors on social media platforms.
Source: Santiment
Meanwhile, the Twitter followers data witnessed a significant decline and looks negative, noting around -2473, implying a declining user activity.
Significant Decline Noted in Development Activity and Open Interest
For weeks, the development activity data noted a consistent decline and dropped to the 0.214 mark, revealing a decline.
Source: Santiment
Additionally, the futures OI data witnessed a sharp cut of over 15.28% to $281.45 Million in the last 24 hrs, revealing the long unwinding activity. The immediate support levels for the Dogecoin price are $0.1430 and $0.1400, whereas the key upside hurdle is around $0.1520, followed by $0.1620
Conclusion
The Dogecoin price remained stable within the range and guided consolidation movements. Until the memecoin does not breach the upside of $0.1700, it remains capped in a range.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post <strong>DOGE Price Prediction: Could DOGE Escape Range Hurdle of $0.1700?</strong> appeared first on The Market Periodical.