Dogecoin holders are holding onto their coins, leading to a potential price increase. Technical indicators suggest that a rise in momentum is imminent, while on-chain data indicates that it may be a good time to buy. Despite not experiencing the recent price increase seen by other memecoins, Dogecoin could be gearing up for a move in a similar direction.
The Coins Holding Time for Dogecoin has increased significantly in the last seven days, indicating that holders are sticking to the HODLing strategy. This lack of selling pressure could lead to price stability and potentially an increase if buying pressure follows suit. At the current price of $0.12, Dogecoin has experienced a 20.78% decrease in the last 30 days, but signs point to a possible bounce back.
From a technical perspective, the Awesome Oscillator and Relative Strength Index suggest that Dogecoin’s momentum is on the rise. The Fibonacci Retracement indicator points to potential price points, with the possibility of the price reaching $0.13 or even $0.15 in a highly bullish scenario. Additionally, the price DAA divergence indicates that now could be a good time to buy before a potential upswing begins.
Dogecoin’s price DAA divergence currently sits at -79.13%, suggesting that the participation rate on the network is lower than the price growth. This could signal an opportunity to buy the coin before any significant price increase. Overall, the combination of technical indicators and on-chain data points to a potential price increase for Dogecoin in the near future.
