DOGE Price Prediction: Further Consolidation Before $0.1 Rallyĭrawing inferences from the on-chain metrics outlined above, Dogecoin could rebound toward $0.1, if the bulls can hold through the ongoing consolidation phase. The chart above illustrates that rather than throw in the towel, DOGE remains in high demand among the bullish traders. If this trend persists, it’s only a matter of time before DOGE price breaks out of its current consolidation phase. An increase in transaction count during a price decline is an indicator that the underlying coin continues to attract steady demand. The Daily Transaction Count metric measures the number and volume of on-chain transactions in a given period. Despite the price drop, Dogecoin traders have exceeded 100,000 confirmed transactions in each of the last 10 days, a feat it achieved just once in the previous 60-days combined.ĭogecoin (DOGE) Daily Transactions | Source: IntoTheBlock On-chain analysis examines how DOGE traders have reacted to the recent price dip.ĭOGE Transaction Count reached a 3-month peak of 307,810 on Nov. The IntoTheBlock chart below shows that the Daily Transactions on the Dogecoin network has remained relatively amid the price decline.ĭogecoin (DOGE) price has tumbled toward $0.074, down 10% after hitting a 3-month peak of $0.082 last week. However the ongoing DOGE price correction has not impacted trading activity negatively. Trading Activity Remained High Despite Price Consolidationĭogecoin price slid into a consolidation phase after failing to clear the $0.08 resistance last week. If this thesis holds, DOGE holders can anticipate a Dogecoin price rebound in the days ahead. In summary, the rising network activity is likely to further intensify the market demand. In effect, many buyers may be inclined to raise prices to have their orders filled quickly. The current market demand exceeding supply by nearly 48.5 million DOGE, is a clear indication that many bullish traders are looking to buy the dip rather than exit. The Exchange Order Books chart depicts the price distribution of the total buy/sell orders for an asset, across various exchanges. Dogecoin (DOGE) Aggregate Order Books | Source: IntoTheBlock
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