Is this Signal Going to Stop Dogecoin’s 40% Rising? Price Analysis Inside
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The price of Dogecoin dropped to $0.12 on Friday, July 19, marking an 8% correction in the last 48 hours. On-chain data suggests that recent trading activity by Dogecoin miners may have contributed to this pullback.
Dogecoin experienced a 40% price rally, reaching $0.13 over the last two weeks. This positive performance was influenced by the favourable US macroeconomic landscape and the early lead of crypto-friendly candidate Donald Trump in the US 2024 Presidential Campaigns race.
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The memecoin sector, including Dogecoin and Shiba Inu, witnessed significant upside following the release of positive CPI data on July 5. However, the price rally halted at $0.13 on July 17, leading to a steep pullback to $0.12 on July 19.
While Dogecoin retraced by 8% in the last 48 hours, other memecoins like PEPE and SHIB exhibited more resilience, retaining their earlier gains.
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Dogecoin miners have been selling off their reserves, capitalizing on the rising prices. They have sold 700 million DOGE in the last 14 trading days, resulting in a decrease in miner reserves to 4.37 billion DOGE from 4.44 billion DOGE. This sell-off has contributed to the recent price correction.
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The technical indicators for Dogecoin suggest potential upward momentum, with the Relative Strength Index (RSI) at a neutral position and the Parabolic SAR indicating a bullish trend. However, caution is advised as Dogecoin faces a support level at $0.0965, and breaching this support could pose risks to its short-term price stability.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.