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Dogecoin (DOGE) survives the death cross. Eyes $0.20 Next

Dogecoin (DOGE) price reclaimed key support at $0.15 this week, and the rally over the past 24 hours has fueled the rise.

Investors are certainly looking to sell, but DOGE has room to grow before it can turn a profit.

Dogecoin whales attempt to drive up the price

The price of Dogecoin aims to ensure its recovery and rise further, and the whales are doing their best to help it. This is evident in the supply growth seen over the past week, which indicates that holders of large portfolios are trying to make the most of low prices.

Adding addresses containing between 10 million and 100 million DOGE Over 500 million DOGE worth $77 million last week. This brings their total supply to 17.57 billion doji.

Dogecoin whale holdings.
Dogecoin whale holdings. Source: Feeling

This also means that the whales are convinced among themselves of a further price rise, which is why they oversell.

Their guilt is further proven by the fact that at present the network is issuing a sell signal. Network engagement suffers as active addresses decrease.

Over the past two months, the average number of addresses transacting on the network has fallen from 67,000 to 52,000. This represents a 22.3% drop due largely to a lack of incentives.

Learn more: Dogecoin (DOGE) Price Forecast for 2024, 2025, 2026, 2027

Active Dogecoin addresses.
Active Dogecoin addresses. source:hasThe block

Typically, higher prices and lower participation create a deviation that triggers a sell signal. However, DOGE holders will not look to sell at this time as their bid will likely pay dividends once the resistance at $0.16 is breached.

DOGE Price Prediction: Gains on the Horizon

Dogecoin price traded $0.15 above the crucial $0.15 support after escaping a death cross last week. A deadly crossover occurs when the 200-day exponential moving average (EMA) rises above the 50-day EMA. This is a bearish signal, extending to a decline.

However, DOGE will likely continue the recovery process, aiming to break the resistance set at $0.17. Converting this level into support would represent a monthly high for DOGE, allowing investors to take profits.

Dogecoin price analysis.
Dogecoin price analysis. Source: Commercial view

On the other hand, if support at $0.15 is lost, consolidation and decline will continue. A decline to $0.12 would invalidate the bullish thesis if DOGE loses support at $0.14.

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الأسواق,DOGE,العملات الرقمية,العملات المشفرة