After rising 13% in just five days, Dogecoin (DOGE) price fell below $0.069 again on Monday morning. But, if the long-term resilient investors hold, could Dogecoin be the best memecoin to watch this week?
Dogecoin (DOGE) price failed to clear the $0.07 resistance last week, but the on-chain data indicates that the rally may not be over yet. Do the bulls have enough in the tank to trigger an early recovery this week?
Long-term Dogecoin fans are still resilient
While notable memecoin like PEPE and FLOKI ranked higher in the top gainer charts last week, long-term Dogecoin holders are not looking to jump ship yet. According to the data on the series, DOGE The average age of the coin It increased continuously for about a month.
Since dropping to a recent low of 43,107 on June 7, the average lifetime of DOGE coins is now up 30% to 55,876 on July 3.
The average age of the coin It measures the level of trading sentiment among investors over the long term by averaging the number of days that coins have been in circulation in their current portfolio addresses.
When it is rising steadily, as we saw above, it indicates that investors are holding onto their currencies for a longer period. If long-term Dogecoin holders continue to double their positions, DOGE price could be one to watch in the memecoin sector this week.
Despite the price rejection, the bulls are still buying
Dogecoin price failed to breach the $0.07 resistance level on Monday morning. Investors are still queuing up to buy DOGE despite the price rejection.
The aggregate order books of the exchanges show that the bulls have placed active orders in the amount of 393 million DOGE. But right now, there are only 244 million dogs for sale.
the Depth of the exchange market in series Shows the total buy and sell orders set for an asset across cryptocurrency exchanges.
As we saw above, the momentum between buy and sell orders is heavily tilted in favor of the bulls. And as things stand, demand outstrips supply by a significant margin of DWD 149 million.
In conclusion, given the bullish sentiment among the long-term holders, the bulls could gain a foothold and trigger a bullish wave this week.
DOGE Price Prediction: Watch out for $0.075
The Market Depth chart of the Exchange On-chain shows that DOGE price is likely to rise to $0.08 before encountering a major selling wall.
But first, it must break the initial resistance at $0.073, where sellers put 71.64 million coins on sale. If the bulls can extend this area, the next Dogecoin target to watch could be $0.08.
However, the bears could take control if DOGE loses the $0.06 support. But first, the $51.73M DOGE buy wall which was pinned by the bulls could prevent about $0.065 from falling.
However, the DOGE bears could push the price further towards $0.06 if this support cannot hold.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
