Dogecoin (DOGE), the leader of meme coins, was exchanging hands close to $0.105 at press time. It added 3.1% to its market cap in the last 24 hours, which is positive news for Dogecoin holders. It ranked 8th among all the cryptocurrencies with a live market capitalization of $15.44 Billion.
The DOGE meme coin has kicked off from the lows and has surpassed the 20-day Exponential moving average (EMA) over the daily time frame. That’s a crucial early sign of recovery. However, the bulls must keep this pace until the price surpasses the 200-day EMA. Thus, a bullish reversal might be possible.
Let’s analyze Dogecoin performance in the near future using on-chain metrics. This assessment will certainly clarify whether DOGE investors will make a profit or face a loss in the upcoming days.
Investors Pick Dogecoin for Potential Gains
The price DAA (Daily Active Address) divergence indicator tracks the growing or diminishing influence of the bulls and bears in a crypto asset. In terms of Dogecoin, the DAA headed from bearish territory to zero line at the time of writing. It’s a solid sign of a recovery in the price and fading interest of the bears.
However, despite the recent shift amid the increasing strength of the bulls, the price DAA curve was in bearish territory. It signified the sellers were still controlling the trend, which might limit the momentum’s strength.
A Dogecoin rally might persist if the price DAA divergence indicator surpasses the zero line. It should also claim its presence in the bullish territory.
Additionally, the weighted sentiment curve has shifted its territory from bearish to bullish. That indicated improved sentiments for the leader of the meme coin pack.
Price Prediction: What’s in September for Investors?
Dogecoin price has been fluctuating in the range between $0.92 on the lower side and $0.115 on the higher side. In recent sessions, solid buying was experienced from the lower levels, and the DOGE price was edging towards the higher level.
In order to maintain an upward momentum, DOGE needs to break through this local supply zone. It’s likely that DOGE crypto will flip the recent $0.115 barrier into support and proceed higher. Technical indicators support that move in Dogecoin price.
The RSI and SMA line highlights a bullish crossover, which validates a bullish continuation at the moment. Additionally, the on-chain metrics are continuously improving in tandem with the bounce in the price.
Now, if Dogecoin successfully flips the $0.115 level into support, it may pave the way to a 25% gain on the higher side till the $0.14 level.
On the contrary, if the price fails to surpass the recent supply, it may invite more sellers to enter at a discounted price. Besides, the Dogecoin price may crash toward a new low. The short-term traders and investors need to keep a closer look at the recent price action.
