{"id":556040,"date":"2023-10-19T10:00:55","date_gmt":"2023-10-19T10:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=556040"},"modified":"2023-10-19T09:32:51","modified_gmt":"2023-10-19T09:32:51","slug":"dogecoin-next-move-will-0-055-launch-a-recovery-phase","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-next-move-will-0-055-launch-a-recovery-phase\/","title":{"rendered":"Dogecoin Next Move: Will $0.055 Launch A Recovery Phase?"},"content":{"rendered":"

Dogecoin (DOGE) has found itself in a precarious position, with its price being squeezed into a narrow range, hinting at a potential decisive breakout in the near future. <\/span><\/p>\n

Market analysts closely monitor the crypto’s struggle to breach a longstanding resistance trendline, as an upside breakout could trigger a fresh rally, while a continuation of the current stalemate may lead to a further decline.<\/span><\/p>\n

Earlier this week, DOGE encountered its fifth rejection from a persistent resistance trendline that has thwarted its upward momentum. The rejection left its mark on the daily candlestick chart, characterized by a prominent high wick, indicative of aggressive overhead supply. <\/span><\/p>\n

Historical data reveals that such patterns often precede significant corrections in the cryptocurrency market.<\/span><\/p>\n

Related Reading: Bitcoin SV Climbs 22% \u2013 A Close Look At The Factors Behind The Surge<\/a><\/div>\n

The current price of DOGE, according to <\/span>CoinGecko<\/span><\/a>, stands at $0.058295, with a 24-hour dip of 1.5% and a minor seven-day loss of 0.1%.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

DOGE seven-day price action. Source: Coingecko<\/pre>\n
In the event that the prevailing selling pressure continues, there is a high probability that the value of the coin will see a further decline of approximately 4-5%. This decline may potentially lead to a reevaluation of the annual support trendline, with a projected value of approximately $0.055.<\/p>\n
Presently, the price of this memecoin is situated inside the confines of two prominent trendlines, indicating an impending occurrence of either a definitive upward surge or a downward decline.<\/p>\n
Dogecoin: Glimpse Of Hope Amidst Mixed Data<\/strong><\/h2>\n
Despite the gloomy price outlook, there is a glimmer of hope for DOGE enthusiasts. <\/span>The report<\/span><\/a> also predicts that if the coin manages to sustain a breakout above the resistance trendline, investors could witness a sharp 16.8% surge, targeting the $0.068 level. This possibility is poised to keep traders and investors on the edge of their seats.<\/span><\/p>\n
On the other hand, <\/span>data from IntoTheBlock<\/span><\/a> reveals some intriguing insights into DOGE’s current state. It’s been found that a significant portion of DOGE addresses, specifically 61%, are currently at a loss.<\/span><\/p>\n
\"\"<\/p>\n
Source: IntoTheBlock<\/pre>\n
A deeper dive into the data exposes the fact that only 31% of the total DOGE holders are in profit, highlighting the challenging landscape for DOGE investors. An additional 10% of holders remain in a neutral position, while a substantial 59% of Dogecoin holders find themselves in a losing position.<\/span><\/p>\n
DOGE\u2019s Silver Lining<\/strong><\/h2>\n
One silver lining in this scenario is the fact that 72% of DOGE holders have maintained their positions for over a year, signifying a strong commitment to the digital asset. A further <\/span>26% of holders have held DOGE<\/span><\/a> for a duration ranging from one month to 12 months, while 2% of holders have relatively shorter-term positions, spanning less than a month.<\/span><\/p>\n
<\/p>\n
DOGE market cap currently at $6.8 billion. Chart: TradingView.com<\/a><\/pre>\n
As the Dogecoin community eagerly awaits the impending breakout or breakdown, the cryptocurrency market remains a dynamic and uncertain space, where opportunities and risks are constantly shifting. <\/span><\/p>\n
Related Reading: Will Cardano Slide To $0.20? What Awaits ADA Investors This Week<\/a><\/div>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from MarketWatch<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Dogecoin (DOGE) has found itself in a precarious position, with its price being squeezed into a narrow range, hinting at a potential decisive breakout in the near future. Market analysts closely monitor the crypto’s struggle to breach a longstanding resistance trendline, as an upside breakout could trigger a fresh rally, while a continuation of the current stalemate may lead to a further decline. Earlier this week, DOGE encountered its fifth rejection from a persistent resistance trendline that has thwarted its upward momentum. The rejection left its mark on the daily candlestick chart, characterized by a prominent high wick, indicative of aggressive overhead supply. Historical data reveals that such patterns often precede significant corrections in the cryptocurrency market. Related Reading: Bitcoin SV Climbs 22% \u2013 A Close Look At The Factors Behind The Surge The current price of DOGE, according to CoinGecko, stands at $0.058295, with a 24-hour dip of 1.5% and a minor seven-day loss of 0.1%.\u00a0 DOGE seven-day price action. Source: Coingecko In the event that the prevailing selling pressure continues, there is a high probability that the value of the coin will see a further decline of approximately 4-5%. This decline may potentially lead to a reevaluation of the annual support trendline, with a projected value of approximately $0.055. Presently, the price of this memecoin is situated inside the confines of two prominent trendlines, indicating an impending occurrence of either a definitive upward surge or a downward decline. Dogecoin: Glimpse Of Hope Amidst Mixed Data Despite the gloomy price outlook, there is a glimmer of hope for DOGE enthusiasts. The report also predicts that if the coin manages to sustain a breakout above the resistance trendline, investors could witness a sharp 16.8% surge, targeting the $0.068 level. This possibility is poised to keep traders and investors on the edge of their seats. On the other hand, data from IntoTheBlock reveals some intriguing insights into DOGE’s current state. It’s been found that a significant portion of DOGE addresses, specifically 61%, are currently at a loss. Source: IntoTheBlock A deeper dive into the data exposes the fact that only 31% of the total DOGE holders are in profit, highlighting the challenging landscape for DOGE investors. An additional 10% of holders remain in a neutral position, while a substantial 59% of Dogecoin holders find themselves in a losing position. DOGE\u2019s Silver Lining One silver lining in this scenario is the fact that 72% of DOGE holders have maintained their positions for over a year, signifying a strong commitment to the digital asset. A further 26% of holders have held DOGE for a duration ranging from one month to 12 months, while 2% of holders have relatively shorter-term positions, spanning less than a month. DOGE market cap currently at $6.8 billion. Chart: TradingView.com As the Dogecoin community eagerly awaits the impending breakout or breakdown, the cryptocurrency market remains a dynamic and uncertain space, where opportunities and risks are constantly shifting. Related Reading: Will Cardano Slide To $0.20? What Awaits ADA Investors This Week (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from MarketWatch<\/p>\n","protected":false},"author":557,"featured_media":556043,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,83685],"tags":[1144,85675,7,8686,83767,4735],"class_list":["post-556040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-dogecoin","tag-btcusd","tag-doge-price","tag-dogecoin","tag-ethusd","tag-meme-coins","tag-price-action"],"acf":[],"yoast_head":"\nDogecoin's Next Move: Will $0.055 Launch a Recovery Phase?<\/title>\n<meta name=\"description\" content=\"Dogecoin (DOGE) has found itself in a precarious position, with its price being squeezed into a narrow range, hinting at a potential decisive breakout in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin Next Move: Will $0.055 Launch A Recovery Phase?","url":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-next-move-will-0-055-launch-a-recovery-phase\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-next-move-will-0-055-launch-a-recovery-phase\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-5.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-5.jpg?fit=1280%2C640"},"articleSection":"Dogecoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["btcusd","doge price","dogecoin","ethusd","meme coins","price action"],"dateCreated":"2023-10-19T10:00:55Z","datePublished":"2023-10-19T10:00:55Z","dateModified":"2023-10-19T10:00:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin Next Move: Will $0.055 Launch A Recovery Phase?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-next-move-will-0-055-launch-a-recovery-phase\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-next-move-will-0-055-launch-a-recovery-phase\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-5.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-5.jpg?fit=1280%2C640\"},\"articleSection\":\"Dogecoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"btcusd\",\"doge price\",\"dogecoin\",\"ethusd\",\"meme coins\",\"price action\"],\"dateCreated\":\"2023-10-19T10:00:55Z\",\"datePublished\":\"2023-10-19T10:00:55Z\",\"dateModified\":\"2023-10-19T10:00:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-5.jpg?fit=1280%2C640","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556040"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=556040"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/556043"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=556040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=556040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=556040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}