Despite showing a 32% increase recently, Dogecoin is expected to undergo a price correction due to indications of insufficient rise. This situation may negatively impact the overall market recovery and signal a decrease in investor interest in Dogecoin.
Dogecoin and Investor View
The daily active address count in Dogecoin has dropped to the lowest level in the past six months, leading to a decrease in investor confidence. The active address count in October is recorded at 41,900, indicating an increase in lack of confidence among investors.
DOGE Price View
Dogecoin’s price is trading at $0.1505 with a slight increase and continues to remain below $0.151. A breakdown in an ascending wedge formation could lead the price to drop to $0.127.
Useful Information
The drop in the active address count in Dogecoin indicates a decrease in investor confidence.
Price corrections and downward trends highlight the need to review investment strategies.
It should be noted that a breakdown in the rising wedge formation could lead to deeper price corrections.
In conclusion, the current market conditions and technical indicators for Dogecoin investors indicate the need to be cautious and prepared for potential corrections. Especially, the resistance at the $0.151 level should be considered as a critical point for future price movements.
0 Comment