Bitcoin is once again below $65,000, and altcoins are starting to relinquish gains exceeding 5%. The continuation of the volatile trend is not surprising because it is uncertain what level of rejection the SEC will issue for Ether ETF applications next week. Investors are closely watching the decision screen as the SEC wages a war on crypto enforcement. So, what are the predictions for DOGE?
Dogecoin (DOGE)
Despite making a significant attempt, the largest meme coin by market value, DOGE, faced a barrier due to BTC’s price weakness. Nevertheless, it continues to maintain the $0.15 level. Whales have been active recently. Addresses holding between 10 million and 100 million DOGE accumulated 500 million DOGE last week. These whales, who have increased their supply to 17.57 billion, have amassed over $77 million.
Whales, who are accumulating strongly instead of selling, believe prices will rise. The decline in active addresses slightly dampens this appetite. The weakening activity on the network is a concerning detail for the short and medium-term future of the price. Indeed, in the last 2 months, the number of average addresses transacting on the Dogecoin network has dropped by over 20%.
The average active addresses, which fell from 67,000 to 52,000, do not favor the bulls, especially considering the current BTC negativity. This deviation indicates a possible price drop.
DOGE Price Prediction
Dogecoin’s current price, lingering at $0.15, indicates a 2% drop. The price, which avoided a major drop after escaping the death cross last week, is prevented from rapid sales by maintaining $0.15 as support. If the bulls cannot surpass $0.17 and turn it into support again, we might see the price stuck in this narrow range for a longer period.
In an optimistic scenario, the target is a rally attempt to $0.2 for a bigger peak. However, the likely scenario for DOGE, as seen from BTC losses, is a continued series of sales towards $0.14 and $0.12 supports. If losses continue, we could see a drop to $0.08.
Bitcoin price was at $64,900 while preparing this article, and Ethereum fell below $3,000 again.
