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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Targets $0.11 As Short-Term Traders Fuel DOGE Price – Details

Sebastian Villafuerte
Sebastian Villafuerte
8 months ago
3 mins read
Dogecoin Targets $0.11 As Short-Term Traders Fuel DOGE Price – Details

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Dogecoin is now at a crucial demand level after a 4% rise from local lows, stirring serious speculation in the market. The meme coin has caught the attention of analysts and traders, with mixed opinions about its next move. Some believe Dogecoin is preparing for a rally, while others suggest further declines could be ahead.

Key data from IntoTheBlock highlights the importance of short-term traders in driving liquidity for meme coins like DOGE. This cohort of traders remains a significant source of activity, often influencing rapid price fluctuations.

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Dogecoin is holding strong above the critical $0.10 level, a key psychological support for the asset. If the price maintains momentum, the next bullish target is around $0.11, which could spark more excitement and buying interest in the market.

As speculation continues, all eyes are on whether Dogecoin can sustain its recent strength or if it will face another wave of selling pressure. The coming days determine the meme coin’s direction in the weeks ahead.

Dogecoin Price Driven By Speculation 

Dogecoin faces intense speculation as investors and analysts express differing views about its future price action. After several weeks of ups and downs, the meme coin has been subjected to massive volatility, reflecting the overall market’s erratic behavior. The uncertainty surrounding Dogecoin has led to heated debates about whether it will rally or continue to fall.

Key data from IntoTheBlock reveals the pivotal role of short-term traders in driving meme coins, particularly Dogecoin. These tokens thrive on hype and speculative trading activity, and DOGE leads the pack with the highest number of active short-term traders.

Over the past week, Dogecoin has seen approximately 113,000 short-term traders, underscoring its dominant position in the meme coin space.

Dogecoin leading in active Memecoin Traders (113K)
Dogecoin is leading in active Memecoin Traders (113K). | Source: IntoTheBlock

Interestingly, DEGEN, a much smaller token, has also attracted around 23,000 short-term traders—similar to Shiba Inu’s, despite DEGEN’s market cap being only 10% of Shiba Inu’s size. This highlights the speculative frenzy within the meme coin ecosystem, where even lesser-known assets garner significant trading activity. Most mid-sized meme coins, in comparison, show only around 4,000 active short-term traders, illustrating Dogecoin’s continued strength.

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Despite the speculative nature of these assets, Dogecoin’s ability to attract the most active traders signifies resilience and hints at a potential for future rallies, even amid broader market uncertainty.

DOGE Holding Above $0.10

Dogecoin (DOGE) trades at $0.108, testing the 4-hour 200 moving average (MA) as resistance. Bulls aiming to maintain momentum must reclaim this key indicator to increase prices. The 4-hour 200 exponential moving average (EMA) also sits at $0.1088, just under 1% above the current price. This creates a crucial resistance zone for DOGE.

DOGE testing. the 4H 200 MA.
DOGE testing the 4H 200 MA. | Source: DOGEUSDT chart on TradingView

A clear break above the 200 MA and 200 EMA and the psychological $0.11 mark would likely trigger a rally, pushing the price higher as bullish momentum takes hold. However, failure to reclaim these indicators could lead to a more significant correction. In this case, DOGE could face a drop to $0.088, a key lower demand level, signaling further downside in the coming days.

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As Dogecoin continues to test these levels, traders are closely watching for a decisive move that could indicate the next major trend, with the potential for a rally or further decline hinging on whether bulls can reclaim these moving averages and push beyond $0.11.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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