Monday, December 5, 2022

Onchain metrics show that DogeCoin has a possible 50% upswing

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DogeCoin has started to find some momentum after days of trading sideways. Although the coin is slightly underperforming the rest of the crypto market, it may be poised for a decisive run in the near term. This bullish thesis is based on both technical analysis and on-chain data. Here are the highlights:

  • DOGE has shown a minor retracement towards $0.082 over the past few days

  • This is a crucial demand zone that could trigger a bullish break towards $0.125.

  • On-chain transaction data also shows that DOGE has the potential to hit $0.133.

Data Source: TradingView

DogeCoin – Is the bull run finally here?

For the most part of 2022, DOGE has seen a major decline. The downtrend has largely been triggered by growing risk-off sentiment in the market. Investors appear to have avoided major investments into meme coins. The May crypto crash also saw DOGE and other meme coins hit hard. 

However, the coin consolidated and is now finding steady demand as the overall market rallies. DOGE has, as a result, triggered a slight retracement towards $0.082. This is a very important demand zone, and if bulls can keep the price action there, it could trigger a buying frenzy that finally pushes DOGE towards $0.125.

But this is not the ultimate goal. On-chain metrics also appear to suggest that the upward ceiling will only slow once DOGE hits $0.133. If this happens, the coin will deliver over 50% in gains over the coming weeks.

How far can the meme coin go?

If the setup above plays out as expected, then you should expect a long period of gains for DOGE. In fact, even if the coin retreats from the highs of $0.133, we do not think it will sell off that much. The second half of the year could offer a big opportunity for DOGE bulls.

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