Dogecoin (DOGE) Demand Decreases In Tandem With Price Drop: Analyst

Amidst
the
mania
witnessed
across
the
meme
coin
sector,
Crypto
Daily
Trade
Signals
has


pointed
out

a
significant
decline
in
the
demand
for
Dogecoin
(DOGE),
alongside
a
slight
price
decrease.
As
a
result
of
the
drop,
a
Horizontal
channel,
a
technical
pattern
in
which
price
fluctuates
inside
a
limited
range,
has
been
formed.

Dogecoin’s
Price
And
Demand
Sees
Bearish
Move

Crypto
Daily
Trade
Signals’
review
delves
into
the
significance
and
impact
of
this
decline
on
Dogecoin,
the
largest


meme
coin,
and
its
network
activities.
On
Thursday,
the
analyst
spotlighted
a
pessimistic
development
in
the
demand
for
DOGE,
particularly
by
over
18%
in
the
past
week,
followed
by
a
1%
decline
in
the
crypto
asset’s
price.

According
to
the
expert,
the
price
of
DOGE
has
been
fluctuating
within
a
limited
range
as
a
result
of
the
recent
drop
in
demand.
In
addition
to


Dogecoin‘s
price
oscillating
in
a
narrow
range,
a
horizontal
channel
has
emerged.

The
post
read:

The
demand
for
DOGE
has
declined.
This
has
caused
its
price
to
trade
within
a
range.
The
demand
for
Dogecoin
(DOGE)
has
declined
in
the
last
week,
on-chain
data
has
shown.
This
decline
in
DOGE’s
network
activity
has
caused
its
price
to
oscillate
within
a
tight
range,
forming
a
horizontal
channel.

Horizontal
channels
are
known
as
trend
lines,
which
are
used
to
depict
the
price
range
that
lies
between
the
upper
line
of
resistance
and
the
lower
line
of
support.
They
can
also
be
called
Sideways
trends
or
price
ranges,
and
they
do
this
by
joining
changeable
pivot
highs
and
lows.

Other
key
momentum
indicators
for
DOGE
indicate
that
neither
buyers
nor
sellers
control
the
market,
due
to
the
decline,
which
could
impact
the
memecoin’s
trajectory
and
cause
a
consolidation
for
DOGE.

Crypto
Daily
Trade
Signals


reported

that
DOGE’s
daily
completed
transactions
also
witnessed
a
drop
following
the
pessimistic
demand.
Data
from
IntoTheBlock
shows
that
the
daily
count
of
addresses
that
completed
transactions
plummeted
by
18%
in
the
last
seven
days.

In
a
similar
vein,
there
was
a
drop
in
new
demand
for
the
digital
asset,
indicating
reduced
interest
and
adoption
among
crypto
investors.
IntoTheBlock
also
claims
that
there
were
notably
21%
fewer
new
addresses
created
to

trade
DOGE
throughout
the
reviewed
time.

DOGE
Poised
For
A
Double
Price
Rise

Although
DOGE
saw
a
price
decline
due
to
the
development,
Ali
Martinez
previously


highlighted

the
potential
for
its
price
to
double
soon.
According
to
the
analyst,
Dogecoin
at
the
time
of
prediction
was
facing
tremendous
resistance
between 
$0.166
and
$0.171.

Martinez
noted
that
over
75,000
addresses
have
acquired
about
10
billion


DOGE

at
the
aforementioned
resistance
level.
However,
if
the
asset
manages
to
surpass
the
level,
its
price
might
double,
with
$0.322
serving
as
the
next
significant
barrier.

Presently,
Dogecoin
is
trading
at
$0.1606,
reflecting
a
0.77%
increase
over
the
past
24
hours,
with
a
24-hour
trading
volume
of
$1.09
billion.
Its
market
volume
valued
at
$23.21
billion
is
also
demonstrating
a
similar
percentage
rise
in
the
past
day.

Featured
image
from
iStock,
chart
on
Tradingview.com