Dogecoin might rebound to $0.15
Dogecoin (CRYPTO:DOGE) is showing signs of a potential price rebound as buyers are gearing up to inject $50 million into the meme coin.
The recent accumulation by large holders and increased on-chain activity suggest that DOGE may be on the verge of a significant upswing, possibly reaching $0.15 in the coming weeks.
According to Exchange Onchain Market Depth data, market participants are prepared to buy 500 million Dogecoin coins if its price dips to $0.099.
At the current price, this represents a $50 million investment.
Meanwhile, sellers are looking to offload 365 million DOGE, valued at $36.5 million.
The strong buyer presence at this level indicates a potential price increase fueled by rising demand.
Further supporting this bullish outlook is the increased balance of addresses holding between 1 million and 10 million Dogecoin coins, as reported by Santiment.
Typically, a decline in this balance signals a sell-off, while an increase suggests accumulation.
The current rise in balances indicates that accumulation is occurring both on exchanges and on-chain, reinforcing a bullish sentiment for DOGE.
Crypto analyst Rekt Capital noted that Dogecoin could be on the brink of breaking out of its macro downtrend, potentially leading to a sustained rally.
"Ever since breaking its Macro Downtrend, DOGE has been experiencing a post-breakout retest of that Downtrend. A successful retest would confirm a new Macro Uptrend," Rekt Capital stated.
At press time, the Dogecoin (DOGE) price was $0.09914.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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