While the price of Dogecoin (Doge) continued to decline, there was a huge increase in the number of active wallets on the network. Is the address activity rising from 97,000 to 395 thousand from the end of February indicates that investors purchase their low price levels?
DOGE NETWORK EVENT AND GREAT INVESTOR MOVEMENTS
The latest data shows that there is a significant increase in processing in the Dogecoin network. Social media mobility, community interactions and fund transfers of major investors are among the main reasons for this increase.
However, the interesting point is that while the user activity on the network increased, the Dogge price continued to decrease. Generally, such large -scale network movements may indicate a new accumulation process and investors may be preparing for the future rise.
Dogecoin Technical View: Is the Price Return Close?
Technical analysis shows a potential return formation in the price of Dogecoin. This formation, known as Dragonfly Doji, was also seen at the beginning of the process in 2017, which carried the price of Doge from $ 0.0006 to $ 0.01.
If a similar trend occurs, the Dogge price may return to $ 0.431 before and even exceed this point. However, it should not be forgotten that the decline so far does not contain as long as 2017. If the sales pressure continues, Doge may decrease to $ 0.1. For this reason, it will be critical for investors to follow the support levels closely.
Market sensitivity and investor expectations
According to the market data we analyze as kriptokoin.com, the sensitivity of the Dogecoin community is currently at -0.31 at the level of -0.31, that is, the market is a bit pessimistic, but it is close to the neutral region. On the other hand, the “Smart Money” indicator followed by large investors is positively 0.02 in a positive direction.
This indicates that there is no sharp sales pressure on Dogecoin’s price. If the price sees a strong purchase from $ 0.171, a recovery process may begin towards the target of $ 0.431. However, if the sales pressure increases, the levels of $ 0.10 can be tested for Dogecoin. Therefore, it will be critical for Dogecoin investors to closely monitor volume movements and support levels. If the procurement pressure is strengthened, it seems possible that Doge will initiate a new wave of ascension.
