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Dogecoin price has gained a little surge over the last few days and is currently valued at $0.1547. In the last 24 hours only, DOGE price is up by 3%, and many more might come, but a few analysts have spoken of the possibility of a price drop in the coming days.
So what is happening? Let us look at what the analysts have to say about Dogecoin price.
Why Dogecoin(DOGE) Price Is Rising Now?
Dogecoin has hosted multiple development activities, contributing to the current price surge. The development activities referenced here are about the network improvement by the developers. These development activities were highest in February, when the metric went from 0.39 to 16.24, causing the DOGE price to jump from $0.08 to $0.14.
Many similar activities have happened on Dogecoin, creating the same price jump.
Moreover, based on the moving averages data, DOGE is in a strong buying zone, but the RSI, MACD, and Bollinger Bands are putting the crypto in a slight buying zone. Such buying action mixed with greedy market sentiments has pushed the price till now.
Is Dogecoin Price Drop on The Verge of Fall
Since April, Dogecoin price has been moving between $0.13 to $0.16 with no breakthrough. But now the price can drop even lower. It is because an anonymous whale has dumped $18.55 Million worth of DOGE on the Robinhood exchange, which can initiate the selling pressure for the meme coin.
Also Read: Crypto Market Enters The Greed Zone: Start Of Bull Run?
Also, with the ongoing development coming to an end, Dogecoin price may begin to decline. DOGE is already struggling to perform the way it did earlier, which is concerning for the analysts as the market instability is only making it worse. Moreover, the liquidity concerns are still there for meme king. Currently, the DOGE liquidation level is between $0.15 and $0.16, which is a little riskier. Also, the Cumulative Liquidation Level Delta (CLLD) indicated a price pullback of up to $0.12.
Lastly, Dogecoin holders’ position is also a risk factor as the 24-hour active addresses have reduced to 54,600 from 250,000 in February, and such factors do indicate the possibility of price falls.
Final Thought
After its rally in March, the dogecoin price is continuously declining, and many more declines might come due to whale dumping and liquidity issues. Analysts have spoken of the DOGE price to drop to $0.12, the lowest price in the last two months. It has to see how DOGE will move next in the market.
Read More Analyzing The Most Popular Meme Coins; Buy, Sell, or HODL
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