Key Points:
- Dogecoin fell 14.6% in two weeks.
- Data suggests a rise to $0.15 might be possible.
- Dogecoin needs to break through key resistance levels to rise.
Dogecoin’s price recently dropped by 14.6%, falling from $0.115 to $0.098 in just two weeks. This drop shows that the price is going down. For over a month, Dogecoin has been trading between $0.115 and $0.093. Earlier, it fell from $0.228 to $0.097, a 57% drop. Its market value also fell from $14.2 billion.
Key Metrics
Two important metrics suggest Dogecoin might rise:
- MVRV Ratio: The 30-day MVRV Ratio is now -3.59%. This means short-term traders are losing money. When this happens, it often signals a price change might come soon. Traders might sell off their coins, which could lead to new buyers and push the price up.
- IOMAP Metric: The IOMAP metric shows that 1.74 million addresses hold 17 billion DOGE up to $0.105. This means there is less selling pressure up to this price. If the price reaches $0.11, it could find less resistance and have a better chance to rise.
Chance for a Price Rise
Even with the recent drop, there are signs that Dogecoin might go up. The Bollinger Bands indicator shows that the price has been stable, which can mean a big change is coming. If the price is steady, a big move might follow.
If Dogecoin can break the $0.105 resistance level, it might start to rise. Experts think the price could go up by 6-8% to $0.105. If it breaks this level, it might quickly move towards $0.15. This could happen in the next 2-3 weeks.
Looking Forward
To see if Dogecoin will reach $0.15, keep an eye on:
- Resistance Levels: Watch if the price can go above $0.105. This level is crucial for a possible rise.
- Market Trends: If the overall market improves, it could help Dogecoin’s price go up.
- Trading Volume: Increased trading might signal a price rise.
Dogecoin has dropped recently, but it might rise again. Key data suggests that if it breaks important levels, especially around $0.105, it could reach $0.15 by the end of September.
