{"id":624588,"date":"2024-06-14T19:00:18","date_gmt":"2024-06-14T19:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=624588"},"modified":"2024-06-14T15:14:09","modified_gmt":"2024-06-14T15:14:09","slug":"dogecoin-plunges-11-chain-cushion-end-decline","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-plunges-11-chain-cushion-end-decline\/","title":{"rendered":"Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline"},"content":{"rendered":"

Dogecoin has observed a plummet of 11% over the past week, but this decline may not continue further, as DOGE is now just above a major on-chain support block.<\/p>\n

Dogecoin Is Now Just Above A Major On-Chain Demand Zone<\/h2>\n

According to data from the market intelligence platform IntoTheBlock<\/a>, DOGE is currently above a zone of significant on-chain demand. In on-chain analysis<\/a>, “demand zones” refer to price ranges in which many investors buy\u00a0their coins.<\/p>\n

Related Reading: Solana Set For \u201cA Major 53% Price Move,\u201d Analyst Reveals Why<\/a><\/div>\n

These zones are determined using blockchain data; the average price at which an address receives deposits is considered its cost basis. Below is a chart showing how the Dogecoin price levels near the current one are based on how many addresses share their cost basis with them.<\/p>\n

\"Dogecoin
Looks like DOGE has a large demand zone just below it at the moment | Source: IntoTheBlock on X<\/a><\/figcaption><\/figure>\n

In the graph, the size of the dots corresponds to the number of addresses that acquired their coins within the respective range. It would appear that the $0.096 to $0.139 range currently looks to be the largest Dogecoin price range in terms of this metric.<\/p>\n

More specifically, 409,330 addresses acquired a total of 45 billion DOGE inside this range. Now, what’s the relevance of this demand zone, or any other one, for that matter?<\/p>\n

Generally, the cost basis is an important level for any investor, so they may be more prone to show some reaction when the spot price of the cryptocurrency retests it.<\/p>\n

A few investors showing this reaction would naturally not be relevant for the broader market. Still, if many of them share their cost basis inside the same narrow range, then a retest could produce a large reaction for the price to feel its effects.<\/p>\n

The demand zone around the average price of $0.115 had many addresses acquire their coins there, so its retest could be significant for the memecoin.<\/p>\n

As the current Dogecoin price is above this range, these investors who bought inside the range would be sitting on some profits. Historically, such demand zones below the price have acted as points of support<\/a> for the cryptocurrency.<\/p>\n

This is because investor psychology tends to work out, so these holders who were in profits before the retest may believe the price would go up again so they could decide to buy more of the asset.<\/p>\n

On the other hand, investors in the red before the retest can fuel the cryptocurrency’s resistance\u00a0<\/a>as they sell in fear that the price will fall again. “On the upside, DOGE may face resistance around the $0.16 level, where 20 billion DOGE is presently held at a loss,” notes IntoTheBlock.<\/p>\n

Related Reading: Why Is Bitcoin Stagnant Despite ETF Inflows? Report Answers<\/a><\/div>\n

It remains to be seen whether the on-chain demand zone below would help stop the memecoin’s decline if its price drops enough to retest it.<\/p>\n

DOGE Price<\/h2>\n

The past week has been a bad time for Dogecoin investors as the asset’s price has crashed around 11%. Following this drawdown, DOGE is now trading around $0.142.<\/p>\n

\"Dogecoin
The price of the coin appears to have plunged over the last few days | Source: DOGEUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from iStock.com, IntoTheBlock.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Dogecoin has observed a plummet of 11% over the past week, but this decline may not continue further, as DOGE is now just above a major on-chain support block. Dogecoin Is Now Just Above A Major On-Chain Demand Zone According to data from the market intelligence platform IntoTheBlock, DOGE is currently above a zone of significant on-chain demand. In on-chain analysis, “demand zones” refer to price ranges in which many investors buy\u00a0their coins. Related Reading: Solana Set For \u201cA Major 53% Price Move,\u201d Analyst Reveals Why These zones are determined using blockchain data; the average price at which an address receives deposits is considered its cost basis. Below is a chart showing how the Dogecoin price levels near the current one are based on how many addresses share their cost basis with them. In the graph, the size of the dots corresponds to the number of addresses that acquired their coins within the respective range. It would appear that the $0.096 to $0.139 range currently looks to be the largest Dogecoin price range in terms of this metric. More specifically, 409,330 addresses acquired a total of 45 billion DOGE inside this range. Now, what’s the relevance of this demand zone, or any other one, for that matter? Generally, the cost basis is an important level for any investor, so they may be more prone to show some reaction when the spot price of the cryptocurrency retests it. A few investors showing this reaction would naturally not be relevant for the broader market. Still, if many of them share their cost basis inside the same narrow range, then a retest could produce a large reaction for the price to feel its effects. The demand zone around the average price of $0.115 had many addresses acquire their coins there, so its retest could be significant for the memecoin. As the current Dogecoin price is above this range, these investors who bought inside the range would be sitting on some profits. Historically, such demand zones below the price have acted as points of support for the cryptocurrency. This is because investor psychology tends to work out, so these holders who were in profits before the retest may believe the price would go up again so they could decide to buy more of the asset. On the other hand, investors in the red before the retest can fuel the cryptocurrency’s resistance\u00a0as they sell in fear that the price will fall again. “On the upside, DOGE may face resistance around the $0.16 level, where 20 billion DOGE is presently held at a loss,” notes IntoTheBlock. Related Reading: Why Is Bitcoin Stagnant Despite ETF Inflows? Report Answers It remains to be seen whether the on-chain demand zone below would help stop the memecoin’s decline if its price drops enough to retest it. DOGE Price The past week has been a bad time for Dogecoin investors as the asset’s price has crashed around 11%. Following this drawdown, DOGE is now trading around $0.142. Featured image from iStock.com, IntoTheBlock.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":624695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,7,92588,92586,88379,92587,79599],"class_list":["post-624588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-dogecoin","tag-dogecoin-crash","tag-dogecoin-on-chain-support","tag-dogecoin-plunge","tag-dogecoin-support","tag-dogeusd"],"acf":[],"yoast_head":"\nDogecoin Plunges 11%, But This On-Chain Cushion Could End Decline<\/title>\n<meta name=\"description\" content=\"Dogecoin has plummeted 11% over the past week, but this decline may not continue further, as DOGE is now just above a major support block.\" \/>\n<meta name=\"robots\" content=\"index, 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline","url":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-plunges-11-chain-cushion-end-decline\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-plunges-11-chain-cushion-end-decline\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1351825546.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1351825546.jpg?fit=2121%2C1414"},"articleSection":"Dogecoin","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["doge","dogecoin","dogecoin crash","dogecoin on-chain support","dogecoin plunge","dogecoin support","dogeusd"],"dateCreated":"2024-06-14T19:00:18Z","datePublished":"2024-06-14T19:00:18Z","dateModified":"2024-06-14T19:00:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-plunges-11-chain-cushion-end-decline\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-plunges-11-chain-cushion-end-decline\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/iStock-1351825546.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/iStock-1351825546.jpg?fit=2121%2C1414\"},\"articleSection\":\"Dogecoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"doge\",\"dogecoin\",\"dogecoin crash\",\"dogecoin on-chain support\",\"dogecoin plunge\",\"dogecoin support\",\"dogeusd\"],\"dateCreated\":\"2024-06-14T19:00:18Z\",\"datePublished\":\"2024-06-14T19:00:18Z\",\"dateModified\":\"2024-06-14T19:00:18Z\"}<\/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\/2024\/06\/iStock-1351825546.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/624588"}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=624588"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/624588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/624695"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=624588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=624588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=624588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}