With recent developments, the leading meme token in the cryptocurrency sector, Dogecoin, continues to perform well. In the daily chart that we shared with you, the symmetrical triangle formation that caught our attention has been broken, and the price seems to have made the desired move. In this analysis, we will look at the target support and resistance levels together and analyze an interesting data in the final section.
Dogecoin Breaks the Most Important Resistance Level
The symmetrical triangle formation on the daily chart and the resistance line coming from the 0.15 cent level have finally been broken and reached the desired levels. Dogecoin, which closed at 0.081 cents on July 25th, finally managed to close above the resistance after its 11th attempt. In addition, the price rose to 0.083 cents and experienced a correction from there. The pause at the 0.076 cent level, where the EMA 200 acted as support, is a pleasing development for us. With everything going well on the daily chart, our first resistance level stands out as 0.096 cents. If this level is surpassed, our targets include the 0.11 cent level and ultimately the 0.15 cent level.
In case the market fails to deliver as expected or there is a decrease due to negative news, the first support we expect is the daily EMA 200 level, which has been active for the past two days, at the 0.076 cent level. Below this level, the 0.073 cent level, which has previously acted as a resistance level multiple times, comes next. If this level is also breached, the subsequent support levels can be seen at 0.067 cents, 0.062 cents, and finally at 0.055 cents.
Data Moving with Elon Musk
The daily active wallet data we obtained from the data analysis site IntoTheBlock reveals an interesting situation. The daily active wallet count fluctuates proportionally with the posts made by Elon Musk regarding Dogecoin.
Accordingly, when Elon Musk makes posts about Dogecoin, an increase in the daily active wallet count is observed, while other days show significant decreases in the active wallet count.
On July 24th, when recent developments occurred and the Dogecoin price increased significantly, the highest level in the past month was reached with 76,000 active wallets.
