 ▲ Dogecoin (DOGE) |
As news of Elon Musk's aerospace company Space
Dogecoin faced a downward trend due to Space
Blockchain specialized media newsBTC explained that popular cryptocurrency analyst Rekt Capital observed a breakthrough in Dogecoin's descending channel pattern.
$DOGE has confirmed a breakout from its Channel #DOGE #Crypto #Dogecoin pic.twitter.com/SvmtG65FZa
— Rekt Capital (@rektcapital) November 17, 2023
Rect Capital also reported that on-chain signals were observed indicating a surge in investor interest and trading volume, and predicted that Dogecoin will soon show an upward trend.
Santiment, a cryptocurrency on-chain analysis platform, announced that as of November 16 (local time), Dogecoin on-chain trading volume reached $665 million, the highest in three months.
Santiment reported that the whale faction's accumulation of Dogecoin has also increased. According to Santiment, the total number of Dogecoins accumulated in wallets holding between 10 million and 1 billion Dogecoins increased from a total of 44.63 billion on November 1 (local time) to a total of 47.38 billion on November 17 (local time). increased to 10,000.
Meanwhile, NewsBTC reported that Dogecoin's 10-day moving average (MA) has consistently maintained a higher level than the 21-day MA after the bullish cross on October 23 (local time). This suggests that bulls still dominate the market.
NewsBTC pointed out $0.09 as the main barrier for Dogecoin. It was predicted that when it breaks through this, it will push to break through $0.1.
