Cryptocurrency analyst Johnny, shared in an X post yesterday that he believes the price of Dogecoin (DOGE) is ready to make a move up soon. According to the post, the meme coin was retesting the $0.07967 support, but if bulls can step in, the analyst believes the token could target $0.0944 very soon.
$DOGE time soon imo – nice retest here on support
Think we start pushing higher towards $.0944 next few days pic.twitter.com/h6W0o5Q8AW
— Johnny (@CryptoGodJohn) November 18, 2023
The token retesting its immediate support is one of many factors that could propel its price higher. Another catalyst that could provide DOGE with a bit more bullish momentum involves Astrobotic’s announcement of their intention to send a physical DOGE token to the moon in December.
The market intelligence platform Santiment also shared in an X post on Friday that DOGE’s on-chain transaction volume reached its highest level in 3 months. Additionally, there was also a notable increase in the amount of DOGE long positions opening as traders bet on the meme’s price rising.
🐶 #Dogecoin has had a modest +5% surge on a mostly flat #crypto market day. It has been aided by $665M in #onchain transaction volume, its highest level in 3 months. There is also a notable amount of $DOGE longs opening as traders bet on prices rising. https://t.co/uFgCCIxih0 pic.twitter.com/DussxIPJN2
— Santiment (@santimentfeed) November 16, 2023
The recent increase in DOGE’s social volume could also encourage a price pump from DOGE. In a separate X post shared on Friday, Santiment revealed that DOGE saw its social volume increase by about 4%.
📊 #Bitcoin price dominance is finally back, at least for the time being. #Altcoins have been retracing on the tail end of the week after the past month’s blistering hot rally. If the crowd begins to get worried and show #FUD, however, we could see some quick price rebounds. pic.twitter.com/VAcKd27WIH
— Santiment (@santimentfeed) November 17, 2023
Data from CoinMarketCap indicated that DOGE saw its price dip by 3.77% throughout the past 24 hours. This meant that the token dropped below its support level to trade hands at $0.07918 at press time. This came after DOGE set a low price of $0.07803.
DOGE / Tether US 1D (Source: TradingView)
Along with its price drop, DOGE’s 24-hour trading volume suffered a more than 43% knock throughout the past day. As a result, the altcoin’s volume decreased to $1.13 billion. Additionally, DOGE’s market cap dropped to about $11.23 billion, ranking it as the ninth largest token by market capitalization.
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