Will Dogecoin Price Rally to $0.15?
As the price of Dogecoin (DOGE) struggles to stabilize, buyers are buying more of the meme coin, taking advantage of the dip. This capital inflow shows strong confidence that DOGE may be poised for recovery.
If these strategic purchases continue, DOGE may experience its biggest losses in the past three months. Here's how.
Dogecoin bulls prepare to inject $50 million.
At the time of writing, Exchange Onchain Market Depth data shows that after the price dropped to $0.0099, market participants are ready to buy 500 million Dogecoin coins. For context, Onchain Market Depth provides insights into the order books of the top 20 exchanges.
At Dogecoin's current price, this purchase amount represents a $50 million investment in the coin. Sellers, on the other hand, are set to unload 365 million coins worth $365 million.
The presence of buyers looking to buy on dips suggests that price increases may materialize in the coming weeks or months, driven by this demand.
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Additionally, Santiment data shows an increase in the balance of addresses holding between 1 million and 10 million Dogecoin coins. Typically, when this balance decreases, it indicates that holders are selling their assets.
The current increase shows that DOGE stock is not only happening on the exchange, but also on the chain. Historically, the simultaneous accumulation on centralized platforms and on-chain has reinforced the bullish bias, indicating significant momentum for the coin.
As such, the price of Dogecoin can be very high. Crypto analyst Rect Capital seems to share the same sentiment. On September 14, the analyst suggested that the DOGE may soon break out of the downward trend and move towards consistent improvement.
“Since breaking the Macro Downtrend, DOGE's successful retest of that DowntrendA confirms a new Macro Upturn,” Rect Capital said.
DOGE Price Forecast: 50% increase possible.
At the time of publication, Dogecoin is trading at a key price level of $0.10. The daily chart shows strong support in this zone, suggesting that the DOGE may break out of this level.
Furthermore, the Money Flow Index (MFI) is currently above the signal line, indicating strong capital inflows. If MFI stays above the midpoint, the value of Dogecoin may increase.
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If this trend holds, DOGE could rally by 50% to reach $0.15. However, if the coin breaks below the support, the bullish view will be rejected, which could lead to a decline to $0.091.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
