Is this Signal Going to Stop Dogecoin’s 40% Rising? Price Analysis Inside

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.

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.

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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Daniel Abang

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.